Tsakos Energy Navigation Ltd (NYSE:TEN – Get Free Report)’s share price reached a new 52-week high on Monday. The company traded as high as $54.36 and last traded at $54.24, with a volume of 384,621 shares. The stock had previously closed at $51.40.
Wall Street Analyst Weigh In
TEN has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tsakos Energy Navigation in a research report on Friday, October 2nd. Wall Street Zen raised Tsakos Energy Navigation from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 19th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $29.50.
Tsakos Energy Navigation Trading Up 5.3%
Tsakos Energy Navigation (NYSE:TEN – Get Free Report) last issued its quarterly earnings results on Thursday, September 10th. The company reported $3.14 earnings per share for the quarter, topping the consensus estimate of $2.93 by $0.21. The company had revenue of $246.28 million for the quarter, compared to analysts’ expectations of $238.87 million. Tsakos Energy Navigation had a return on equity of 29.44% and a net margin of 33.81%.
Insider Activity
In related news, 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 transaction of $205,350.00. Following the completion of the transaction, the director directly owned 5,000 shares of the company’s stock, valued at $205,350. This trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Theoharrys Kosmatos sold 10,000 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the chief financial officer directly owned 14,700 shares in the company, valued at $779,100. The trade was a 40.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by company insiders.
Institutional Trading of Tsakos Energy Navigation
A number of hedge funds have recently made changes to their positions in TEN. Envestnet Asset Management Inc. bought a new position in shares of 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 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 in the last quarter. Squarepoint Ops LLC purchased a new stake in Tsakos Energy Navigation during the 2nd quarter valued at about $669,000. Navellier & Associates Inc. grew its position in Tsakos Energy Navigation by 297.0% during the 2nd quarter. Navellier & Associates Inc. now owns 96,633 shares of the company’s stock valued at $3,418,000 after purchasing an additional 72,293 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in Tsakos Energy Navigation by 25,093.5% during the 1st quarter. NewEdge Advisors LLC now owns 11,589 shares of the company’s stock valued at $457,000 after purchasing an additional 11,543 shares in the last quarter. 19.24% of the stock is owned by institutional investors.
About Tsakos Energy Navigation
Tsakos Energy Navigation Ltd. is an international marine transportation company focused primarily on the ownership and operation of crude oil and refined petroleum product tankers. Its fleet has historically included a range of vessels serving the global energy industry, including Aframax, Suezmax and other tanker classes, as well as specialized vessels such as shuttle tankers.
The company transports crude oil, petroleum products and other energy-related cargoes for major oil companies, refiners, trading firms and government-affiliated organizations.
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