Tsakos Energy Navigation Ltd (NYSE:TEN) Shares Shorted: Short Interest Up 98.5% in October

Tsakos Energy Navigation Ltd (NYSE:TEN) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totaling 578,195 shares, a growth of 98.5% from the September 30th total of 291,215 shares. Currently, 1.9% of the company’s shares are sold short. Based on an average daily volume of 488,645 shares, the days-to-cover ratio is currently 1.2 days.

Tsakos Energy Navigation Stock Performance

Tsakos Energy Navigation stock traded down $2.45 during trading hours on Monday, hitting $51.40. 89,300 shares of the stock traded hands, compared to its average volume of 383,773. Tsakos Energy Navigation has a 1 year low of $21.65 and a 1 year high of $56.73. The firm’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 current ratio of 1.40 and a quick ratio of 1.35. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 5.19 and a beta of -0.04.

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

Insiders Place Their Bets

In other news, COO Georgios Saroglou sold 5,000 shares of the firm’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $53.20, for a total transaction of $266,000.00. Following the transaction, the chief operating officer owned 37,000 shares in the company, valued at approximately $1,968,400. This trade represents a 11.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Clio Hatzimichalis sold 5,000 shares of Tsakos Energy Navigation stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $41.07, for a total value of $205,350.00. Following the completion of the sale, the director owned 5,000 shares of the company’s stock, valued at $205,350. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 20,000 shares of company stock worth $1,001,350 in the last three months. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Tsakos Energy Navigation

A number of large investors have recently bought and sold shares of the business. Ascent Group LLC purchased a new stake in Tsakos Energy Navigation in the 3rd quarter worth $249,000. Counterpoint Mutual Funds LLC purchased a new stake in Tsakos Energy Navigation during the 3rd quarter valued at about $785,000. Envestnet Asset Management Inc. acquired a new stake in Tsakos Energy Navigation in the 2nd quarter valued at about $346,000. State Street Corp boosted its holdings in shares of Tsakos Energy Navigation by 2.4% during the 2nd quarter. State Street Corp now owns 65,687 shares of the company’s stock worth $2,323,000 after purchasing an additional 1,522 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Tsakos Energy Navigation during the 2nd quarter worth approximately $669,000. Institutional investors and hedge funds own 19.24% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.