Hedge Funds Are Selling Tsakos Energy Navigation Ltd. (TNP)

We already know that not all hedge funds are bullish on the stock and some hedge funds actually said goodbye to their positions entirely. At the top of the heap, Brian Taylor’s Pine River Capital Management said goodbye to the biggest position of all the hedgies tracked by Insider Monkey, comprising close to $7.5 million in stock. Thomas Bailard’s fund, Bailard Inc, also dumped its stock, about $0.2 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to Tsakos Energy Navigation Ltd. (NYSE:TNP). These stocks are TG Therapeutics Inc (NASDAQ:TGTX), One Liberty Properties, Inc. (NYSE:OLP), Mesa Laboratories, Inc. (NASDAQ:MLAB), and Ryerson Holding Corp (NYSE:RYI). This group of stocks’ market values are similar to TNP’s market value.

As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $48 million. That figure was $35 million in TNP’s case. Ryerson Holding Corp (NYSE:RYI) is the most popular stock in this table. On the other hand TG Therapeutics Inc (NASDAQ:TGTX) is the least popular one with only 5 bullish hedge fund positions. Tsakos Energy Navigation Ltd. (NYSE:TNP) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RYI might be a better candidate to consider taking a long position in.

Disclosure: None