TSAKOS ENERGY N/SH (NYSE:TNP) Sees Significant Drop in Short Interest

TSAKOS ENERGY N/SH (NYSE:TNP) saw a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 229,900 shares, a drop of 12.9% from the July 31st total of 263,800 shares. Approximately 0.4% of the shares of the company are sold short. Based on an average daily trading volume, of 174,300 shares, the days-to-cover ratio is presently 1.3 days.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TNP. Renaissance Technologies LLC raised its stake in TSAKOS ENERGY N/SH by 7.9% during the 2nd quarter. Renaissance Technologies LLC now owns 2,612,600 shares of the shipping company’s stock worth $8,595,000 after acquiring an additional 190,200 shares during the period. Acadian Asset Management LLC raised its position in shares of TSAKOS ENERGY N/SH by 1,687.4% during the second quarter. Acadian Asset Management LLC now owns 142,795 shares of the shipping company’s stock valued at $469,000 after buying an additional 134,806 shares during the last quarter. Susquehanna International Group LLP raised its position in shares of TSAKOS ENERGY N/SH by 420.3% during the second quarter. Susquehanna International Group LLP now owns 139,123 shares of the shipping company’s stock valued at $458,000 after buying an additional 112,386 shares during the last quarter. NEXT Financial Group Inc bought a new stake in shares of TSAKOS ENERGY N/SH during the second quarter valued at approximately $271,000. Finally, Marshall Wace LLP bought a new stake in shares of TSAKOS ENERGY N/SH during the second quarter valued at approximately $142,000. Institutional investors own 22.38% of the company’s stock.

NYSE TNP traded down $0.08 on Friday, reaching $3.02. 112,616 shares of the stock were exchanged, compared to its average volume of 130,509. TSAKOS ENERGY N/SH has a one year low of $2.56 and a one year high of $3.73. The firm has a market capitalization of $267.21 million, a PE ratio of -3.92 and a beta of 1.32. The company’s 50-day simple moving average is $2.98 and its two-hundred day simple moving average is $3.17. The company has a current ratio of 1.06, a quick ratio of 0.99 and a debt-to-equity ratio of 0.94.

TSAKOS ENERGY N/SH (NYSE:TNP) last released its earnings results on Friday, September 6th. The shipping company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). TSAKOS ENERGY N/SH had a negative return on equity of 0.02% and a negative net margin of 11.59%. The firm had revenue of $108.83 million for the quarter, compared to the consensus estimate of $99.61 million. Sell-side analysts forecast that TSAKOS ENERGY N/SH will post -0.12 earnings per share for the current fiscal year.

Separately, Zacks Investment Research upgraded shares of TSAKOS ENERGY N/SH from a “sell” rating to a “hold” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $3.83.

About TSAKOS ENERGY N/SH

Tsakos Energy Navigation Limited provides seaborne crude oil and petroleum product transportation services worldwide. The company offers marine transportation services for national, major, and other independent oil companies and refiners under long, medium, and short-term charters. As of April 20, 2018, it operated a fleet of 64 double-hull vessels, including 59 conventional tankers, 2 liquefied natural gas carriers, and 3 suezmax DP2 shuttle tankers.

Further Reading: Hold Rating

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