Tsakos Energy Navigation Ltd (NYSE: TNP) shares fell in early trading today on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, in early trading today the Dow Jones Industrial Average DJIA, +0.19% rose 40 points, or 0.2%, to 19,929 while the S&P 500 SPX, +0.31% added 5 points to 2,275, a rise of 0.2%. The Nasdaq Composite Index COMP, +0.53% climbed 19 points, or 0.3%, to 5,567.
Analysts at Credit Suisse Group reiterated a Neutral rating on shares of Tsakos Energy Navigation Ltd (NYSE: TNP) in a reserach note to investors, making it one of the more actively watched stocks on Wall Street. With a rating of Neutral on the stock, the company has a 52-week high of $6.79. A number of other analysts have commented on the stock recently, and the company has secured a consensus one-year price target of $7.43, above the opening price of $4.95, a difference of 14.86 percent. Share prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of Tsakos Energy Navigation Ltd (NYSE: TNP) opened at $4.95 yesterday and traded in a range between, $4.95 and $5.10, and last traded at $5.00, which is a drop of $0.10 over the previous closing price.
Tsakos Energy Navigation Ltd (NYSE: TNP) currently has a market cap of 418.91M.
Tsakos Energy Navigation Ltd (NYSE: TNP) Average Daily Trading Volume
125,017 shares traded hands yesterday, 49 percent lower than normal, out of a total float 55,213,000. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts that investigate thousands of stocks, so it is good corroboration to see them buying a stock you are researching.
Tsakos Energy Navigation Ltd (NYSE: TNP) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for Tsakos Energy Navigation Ltd (NYSE: TNP) have ranged from $3.92 – 6.79, and the stock now has a 50-day MA of $4.80 and 200-day MA of $4.86. Today’s last price is 26.36%% lower than the 52 week high of $6.79.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors seek companies that have raised their earnings by at least 25% for the past 3 years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.