International Seaways, Inc. (NYSE:INSW) Sees Large Increase in Short Interest

International Seaways, Inc. (NYSE:INSW) was the target of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 1,110,000 shares, an increase of 8.8% from the November 15th total of 1,020,000 shares. Based on an average trading volume of 636,800 shares, the short-interest ratio is currently 1.7 days.

International Seaways Stock Performance

INSW opened at $33.95 on Tuesday. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 3.28 and a beta of -0.10. International Seaways has a 12-month low of $33.60 and a 12-month high of $65.94. The business has a 50 day moving average of $43.02 and a 200-day moving average of $50.40.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.42 by $0.15. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The company’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.99 earnings per share. On average, equities research analysts expect that International Seaways will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a $1.32 dividend. This is an increase from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, December 13th. This represents a $5.28 annualized dividend and a dividend yield of 15.55%. International Seaways’s dividend payout ratio is presently 4.64%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on INSW shares. Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and decreased their price objective for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Jefferies Financial Group dropped their price objective on International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Finally, Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, International Seaways has a consensus rating of “Moderate Buy” and an average target price of $60.67.

Insider Buying and Selling

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $49.22, for a total transaction of $98,440.00. Following the completion of the sale, the chief executive officer now owns 153,475 shares in the company, valued at $7,554,039.50. The trade was a 1.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.24, for a total value of $51,240.00. Following the sale, the senior vice president now directly owns 52,803 shares of the company’s stock, valued at $2,705,625.72. This represents a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,200 shares of company stock worth $362,622 in the last three months. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Large investors have recently made changes to their positions in the company. CWM LLC increased its position in International Seaways by 47.9% during the second quarter. CWM LLC now owns 1,470 shares of the transportation company’s stock worth $87,000 after acquiring an additional 476 shares during the period. SG Americas Securities LLC increased its stake in International Seaways by 102.1% during the 2nd quarter. SG Americas Securities LLC now owns 21,082 shares of the transportation company’s stock worth $1,247,000 after acquiring an additional 10,652 shares during the period. Assenagon Asset Management S.A. acquired a new position in International Seaways in the 2nd quarter valued at $214,000. Raymond James & Associates lifted its position in shares of International Seaways by 21.0% during the 2nd quarter. Raymond James & Associates now owns 44,083 shares of the transportation company’s stock valued at $2,607,000 after acquiring an additional 7,646 shares during the period. Finally, EdgeRock Capital LLC acquired a new stake in shares of International Seaways during the 2nd quarter worth $28,000. Institutional investors own 67.29% of the company’s stock.

About International Seaways

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.