International Seaways, Inc. (NYSE:INSW) Short Interest Update

International Seaways, Inc. (NYSE:INSW) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 3,190,000 shares, an increase of 139.8% from the December 15th total of 1,330,000 shares. Based on an average trading volume of 835,300 shares, the days-to-cover ratio is presently 3.8 days.

International Seaways Stock Performance

INSW stock traded down $1.22 during midday trading on Thursday, hitting $40.40. The stock had a trading volume of 351,887 shares, compared to its average volume of 950,383. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 3.90 and a beta of -0.10. International Seaways has a 52 week low of $32.11 and a 52 week high of $65.94. The stock has a 50-day simple moving average of $38.32 and a 200 day simple moving average of $46.89. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.15. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The firm had revenue of $225.20 million during the quarter, compared to analyst estimates of $208.75 million. During the same period in the prior year, the company posted $1.99 earnings per share. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. As a group, equities research analysts anticipate that International Seaways will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were issued a $1.32 dividend. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a yield of 13.07%. The ex-dividend date was Friday, December 13th. International Seaways’s dividend payout ratio is currently 4.64%.

Insider Buying and Selling

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $43.05, for a total value of $43,050.00. Following the transaction, the senior vice president now owns 51,803 shares in the company, valued at $2,230,119.15. The trade was a 1.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Derek G. Solon sold 1,200 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total transaction of $46,692.00. Following the completion of the sale, the senior vice president now directly owns 45,687 shares of the company’s stock, valued at $1,777,681.17. The trade was a 2.56 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,200 shares of company stock worth $248,012. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On International Seaways

Several large investors have recently bought and sold shares of the business. Principal Financial Group Inc. lifted its holdings in International Seaways by 27.3% in the third quarter. Principal Financial Group Inc. now owns 28,583 shares of the transportation company’s stock valued at $1,474,000 after buying an additional 6,121 shares during the period. Franklin Resources Inc. raised its holdings in International Seaways by 0.8% in the third quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company’s stock worth $2,428,000 after purchasing an additional 379 shares during the period. Hohimer Wealth Management LLC acquired a new stake in International Seaways in the third quarter worth $240,000. Sunbelt Securities Inc. acquired a new stake in International Seaways in the third quarter worth $52,000. Finally, Geode Capital Management LLC raised its holdings in International Seaways by 4.3% in the third quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock worth $48,650,000 after purchasing an additional 38,871 shares during the period. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

INSW has been the subject of a number of research reports. Stifel Nicolaus lowered International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the company from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Jefferies Financial Group reduced their target price on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a report 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Company Profile

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.