Is Tsakos Energy Navigation Ltd. (NYSE:TNP) worth your attention right now? Hedge funds are in a bullish mood. The number of bullish hedge fund positions rose by 1 recently.
In the financial world, there are a multitude of indicators market participants can use to analyze the equity markets. Two of the most innovative are hedge fund and insider trading interest. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the elite fund managers can beat their index-focused peers by a significant amount (see just how much).
Equally as beneficial, bullish insider trading sentiment is another way to parse down the world of equities. Just as you’d expect, there are plenty of reasons for an insider to drop shares of his or her company, but just one, very obvious reason why they would initiate a purchase. Many empirical studies have demonstrated the market-beating potential of this tactic if “monkeys” know what to do (learn more here).
With all of this in mind, it’s important to take a look at the recent action surrounding Tsakos Energy Navigation Ltd. (NYSE:TNP).
How have hedgies been trading Tsakos Energy Navigation Ltd. (NYSE:TNP)?
Heading into Q2, a total of 7 of the hedge funds we track were long in this stock, a change of 17% from one quarter earlier. With hedge funds’ capital changing hands, there exists a few noteworthy hedge fund managers who were increasing their holdings meaningfully.
According to our comprehensive database, Jeffrey Vinik’s Vinik Asset Management had the biggest position in Tsakos Energy Navigation Ltd. (NYSE:TNP), worth close to $9.1 million, comprising 0.3% of its total 13F portfolio. The second largest stake is held by Renaissance Technologies, managed by Jim Simons, which held a $1.9 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Some other hedgies that are bullish include D. E. Shaw’s D E Shaw, Israel Englander’s Millennium Management and Glenn Russell Dubin’s Highbridge Capital Management.
As one would reasonably expect, some big names were leading the bulls’ herd. Citadel Investment Group, managed by Ken Griffin, created the biggest position in Tsakos Energy Navigation Ltd. (NYSE:TNP). Citadel Investment Group had 0.1 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $0 million investment in the stock during the quarter.
What have insiders been doing with Tsakos Energy Navigation Ltd. (NYSE:TNP)?
Insider purchases made by high-level executives is particularly usable when the company in question has experienced transactions within the past six months. Over the latest six-month time frame, Tsakos Energy Navigation Ltd. (NYSE:TNP) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
With the returns exhibited by our time-tested strategies, everyday investors must always keep an eye on hedge fund and insider trading activity, and Tsakos Energy Navigation Ltd. (NYSE:TNP) is an important part of this process.