Short Interest in Tsakos Energy Navigation Ltd (NYSE:TEN) Declines By 39.5%

Key Points

• Short interest in Tsakos Energy Navigation Ltd fell by 39.5% in August, decreasing from 498,600 shares to 301,800 shares, representing 1.4% of the company’s total stock.
• The company reported earnings of $0.67 per share for the latest quarter, surpassing expectations and providing a favorable return on equity of 18.25%.
• Tsakos Energy Navigation has declared a semi-annual dividend of $0.60 per share, resulting in a significant dividend yield of 570.0% and a payout ratio of 42.86%.

Tsakos Energy Navigation Ltd (NYSE:TEN - Get Free Report) saw a significant decline in short interest in August. As of August 31st, there was short interest totaling 301,800 shares, a decline of 39.5% from the August 15th total of 498,600 shares. Currently, 1.4% of the shares of the company are short sold. Based on an average daily volume of 392,500 shares, the short-interest ratio is presently 0.8 days. Based on an average daily volume of 392,500 shares, the short-interest ratio is presently 0.8 days. Currently, 1.4% of the shares of the company are short sold.

Institutional Investors Weigh In On Tsakos Energy Navigation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TEN. EverSource Wealth Advisors LLC grew its position in shares of Tsakos Energy Navigation by 312.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,311 shares of the company's stock valued at $25,000 after acquiring an additional 993 shares during the period. Raymond James Financial Inc. purchased a new position in Tsakos Energy Navigation in the 2nd quarter valued at about $58,000. Osaic Holdings Inc. lifted its stake in Tsakos Energy Navigation by 9.6% in the 2nd quarter. Osaic Holdings Inc. now owns 7,821 shares of the company's stock valued at $150,000 after buying an additional 684 shares in the last quarter. Tidal Investments LLC lifted its stake in Tsakos Energy Navigation by 13.2% in the 2nd quarter. Tidal Investments LLC now owns 12,733 shares of the company's stock worth $244,000 after purchasing an additional 1,482 shares in the last quarter. Finally, Walleye Capital LLC purchased a new position in Tsakos Energy Navigation in the 2nd quarter worth approximately $296,000. 19.24% of the stock is owned by institutional investors and hedge funds.

Tsakos Energy Navigation Trading Down 2.0%

NYSE:TEN traded down $0.46 during midday trading on Friday, hitting $22.75. The stock had a trading volume of 320,837 shares, compared to its average volume of 503,683. The stock has a 50-day moving average of $20.88 and a 200 day moving average of $18.71. The company has a quick ratio of 1.06, a current ratio of 1.11 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $685.31 million, a price-to-earnings ratio of 8.12 and a beta of -0.07. Tsakos Energy Navigation has a one year low of $13.40 and a one year high of $26.90.

Tsakos Energy Navigation (NYSE:TEN - Get Free Report) last issued its quarterly earnings data on Wednesday, September 10th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.59 by $0.08. The firm had revenue of $161.39 million during the quarter, compared to analyst estimates of $163.62 million. Tsakos Energy Navigation had a return on equity of 18.25% and a net margin of 14.17%. As a group, sell-side analysts forecast that Tsakos Energy Navigation will post 3.44 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on TEN shares. Zacks Research downgraded Tsakos Energy Navigation from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. Jefferies Financial Group reissued a "hold" rating and set a $22.00 price objective on shares of Tsakos Energy Navigation in a research note on Wednesday, September 10th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $31.00.

Tsakos Energy Navigation Company Profile

Tsakos Energy Navigation Ltd. engages in the provision of seaborne crude oil and petroleum product transportation services. Its activities include the operation of crude tankers, product tankers, and liquefied natural gas carriers. The company was founded by Nikolas P. Tsakos and Michael Gordon Jolliffee in July 1993 and is headquartered in Athens, Greece.