Hedge Funds Are Betting On Tsakos Energy Navigation Ltd. (TNP)

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Concerns over a shift in Fed’s easy monetary policy have hit several hedge funds hard during the third quarter. A number of sectors are in correction territory. More importantly, Russell 2000 ETF (IWM) underperformed the larger S&P 500 ETF (SPY) by more than 14 percentage points between June 25, 2015 and October 30, 2015. Hedge funds and institutional investors tracked by Insider Monkey usually invest a disproportionate amount of their portfolios in smaller cap stocks. We have been receiving indications that hedge funds were paring back their overall exposure and this is one of the factors behind the recent movements in major indices. In this article, we will take a closer look at hedge fund sentiment towards Tsakos Energy Navigation Ltd. (NYSE:TNP).

Tsakos Energy Navigation Ltd. (NYSE:TNP) has seen an increase in hedge fund interest recently. TNP was in 19 hedge funds’ portfolios at the end of the third quarter of 2015. There were 16 hedge funds in our database with TNP positions at the end of the previous quarter. At the end of this article we will also compare TNP to other stocks including Genomic Health, Inc. (NASDAQ:GHDX), Oritani Financial Corp. (NASDAQ:ORIT), and Wingstop Inc (NASDAQ:WING) to get a better sense of its popularity.

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With all of this in mind, let’s view the latest action encompassing Tsakos Energy Navigation Ltd. (NYSE:TNP).

What does the smart money think about Tsakos Energy Navigation Ltd. (NYSE:TNP)?

At the end of the third quarter, a total of 19 of the hedge funds tracked by Insider Monkey were long this stock, a change of 19% from the second quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were increasing their holdings considerably (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Brian Taylor’s Pine River Capital Management has the number one position in Tsakos Energy Navigation Ltd. (NYSE:TNP), worth close to $34 million, comprising 0.5% of its total 13F portfolio. Coming in second is James Dinan of York Capital Management, with a $21.4 million position; the fund has 0.3% of its 13F portfolio invested in the stock. Some other peers that are bullish comprise Mark T. Gallogly’s Centerbridge Partners, Jim Simons’ Renaissance Technologies and David Iben’s Kopernik Global Investors.

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