Tsakos Energy Navigation (NYSE:TEN) Stock Price Up 6.8% – Here’s Why

Shares of Tsakos Energy Navigation Ltd (NYSE:TEN) were up 6.8% during trading on Thursday . The company traded as high as $38.10 and last traded at $37.7620. Approximately 73,256 shares were traded during mid-day trading, a decline of 82% from the average session volume of 406,301 shares. The stock had previously closed at $35.37.

Analysts Set New Price Targets

Several analysts have issued reports on TEN shares. Wall Street Zen upgraded Tsakos Energy Navigation from a “hold” rating to a “buy” rating in a report on Saturday, April 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Tsakos Energy Navigation in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $29.50.

Tsakos Energy Navigation Stock Performance

The firm’s fifty day moving average is $39.74 and its 200-day moving average is $33.79. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $1.13 billion, a PE ratio of 6.09 and a beta of -0.28.

Tsakos Energy Navigation (NYSE:TEN) last issued its quarterly earnings data on Thursday, May 21st. The company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.07 by $0.65. Tsakos Energy Navigation had a net margin of 24.81% and a return on equity of 23.26%. The firm had revenue of $223.12 million for the quarter, compared to analyst estimates of $208.77 million.

Tsakos Energy Navigation Announces Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, July 30th. Stockholders of record on Thursday, July 23rd will be paid a $1.00 dividend. The ex-dividend date of this dividend is Thursday, July 23rd. This represents a dividend yield of 515.0%. Tsakos Energy Navigation’s payout ratio is presently 26.06%.

Insider Transactions at Tsakos Energy Navigation

In other news, CEO Nikolaos Tsakos bought 12,500 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was bought at an average cost of $39.92 per share, for a total transaction of $499,000.00. Following the acquisition, the chief executive officer directly owned 906,000 shares of the company’s stock, valued at $36,167,520. The trade was a 1.40% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.41% of the company’s stock.

Institutional Trading of Tsakos Energy Navigation

Several hedge funds have recently made changes to their positions in TEN. JPMorgan Chase & Co. acquired a new position in shares of Tsakos Energy Navigation in the second quarter valued at approximately $672,000. Hsbc Holdings PLC lifted its holdings in Tsakos Energy Navigation by 91.1% during the 2nd quarter. Hsbc Holdings PLC now owns 29,880 shares of the company’s stock worth $573,000 after buying an additional 14,242 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Tsakos Energy Navigation in the 2nd quarter valued at approximately $761,000. EverSource Wealth Advisors LLC grew its stake in shares of Tsakos Energy Navigation by 312.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,311 shares of the company’s stock worth $25,000 after acquiring an additional 993 shares in the last quarter. Finally, Walleye Capital LLC acquired a new position in shares of Tsakos Energy Navigation in the second quarter worth $296,000. Institutional investors and hedge funds own 19.24% of the company’s stock.

About Tsakos Energy Navigation

Tsakos Energy Navigation Ltd. (NYSE: TEN) is an international shipping company specializing in the transportation of crude oil and refined petroleum products. Founded in 1993 by Nikolas P. Tsakos, the company has built a reputation for operating a modern, well-maintained fleet of double-hull tankers. Tsakos Energy Navigation is organized around both ownership and technical management of vessels, offering chartering, commercial operations and crew services under one umbrella.

The company’s fleet consists primarily of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium-range (MR) and Handy product carriers.