Tsakos Energy Navigation (NYSE:TEN) Shares Down 7.5% – Here’s Why

Tsakos Energy Navigation Ltd (NYSE:TEN) shares fell 7.5% on Monday. The company traded as low as $50.53 and last traded at $49.82. Approximately 148,794 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 384,257 shares. The stock had previously closed at $53.85.

Analyst Ratings Changes

Several research firms recently commented on TEN. Wall Street Zen upgraded shares of Tsakos Energy Navigation from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 19th. Weiss Ratings upgraded shares of Tsakos Energy Navigation from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, October 26th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $29.50.

Tsakos Energy Navigation Stock Performance

The stock’s 50-day moving average price is $48.70 and its 200-day moving average price is $39.69. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.35 and a current ratio of 1.40. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 5.02 and a beta of -0.04.

Tsakos Energy Navigation (NYSE:TEN) last released its quarterly earnings results on Thursday, September 10th. The company reported $3.14 earnings per share for the quarter, topping analysts’ consensus estimates of $2.93 by $0.21. Tsakos Energy Navigation had a return on equity of 29.44% and a net margin of 33.81%. The business had revenue of $246.28 million for the quarter, compared to analysts’ expectations of $238.87 million.

Insider Buying and Selling

In other Tsakos Energy Navigation news, Director Clio Hatzimichalis sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $41.07, for a total value of $205,350.00. Following the sale, the director directly owned 5,000 shares of the company’s stock, valued at approximately $205,350. This trade represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Theoharrys Kosmatos sold 10,000 shares of the company’s stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the chief financial officer directly owned 14,700 shares of the company’s stock, valued at approximately $779,100. This represents a 40.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 20,000 shares of company stock worth $1,001,350. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Ascent Group LLC acquired a new stake in Tsakos Energy Navigation in the third quarter valued at approximately $249,000. Counterpoint Mutual Funds LLC bought a new position in Tsakos Energy Navigation during the 3rd quarter worth approximately $785,000. Envestnet Asset Management Inc. bought a new stake in Tsakos Energy Navigation during the second quarter valued at $346,000. State Street Corp boosted its stake in Tsakos Energy Navigation by 2.4% in the second quarter. State Street Corp now owns 65,687 shares of the company’s stock valued at $2,323,000 after acquiring an additional 1,522 shares during the period. Finally, Squarepoint Ops LLC bought a new position in Tsakos Energy Navigation during the 2nd quarter worth $669,000. 19.24% of the stock is owned by hedge funds and other institutional investors.

About Tsakos Energy Navigation

Tsakos Energy Navigation Ltd. (NYSE: TEN) is an international energy transportation company engaged primarily in the ownership and operation of oceangoing tankers. Its fleet has transported crude oil, refined petroleum products, and other energy-related cargoes for major oil companies, commodity traders, and other commercial customers.

The company has operated a diversified fleet that has included crude oil tankers, product tankers, shuttle tankers, and liquefied natural gas carriers. Through its vessels and shipping services, Tsakos Energy Navigation serves global energy markets and supports the movement of petroleum and related products between major production, refining, storage, and consumption centers.

Founded in 1993, the company is part of the Tsakos maritime group, which has roots in Greece and a broader international shipping presence.