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

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

Analyst Upgrades and Downgrades

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

International Seaways Trading Down 0.5 %

Shares of INSW traded down $0.20 during mid-day trading on Tuesday, reaching $41.19. 898,437 shares of the company’s stock traded hands, compared to its average volume of 1,068,417. International Seaways has a 12 month low of $32.11 and a 12 month high of $65.94. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The stock has a market cap of $2.03 billion, a P/E ratio of 3.98 and a beta of -0.10. The stock’s 50-day moving average is $38.43 and its two-hundred day moving average is $47.05.

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

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were paid a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 12.82%. The ex-dividend date of this dividend was Friday, December 13th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is 4.64%.

Insider Transactions at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total transaction of $35,070.00. Following the completion of the transaction, the senior vice president now directly owns 49,803 shares in the company, valued at approximately $1,746,591.21. This trade represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Derek G. Solon sold 1,200 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $38.91, for a total value of $46,692.00. Following the transaction, the senior vice president now owns 45,687 shares of the company’s stock, valued at $1,777,681.17. The trade was a 2.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,200 shares of company stock valued at $248,012. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. purchased a new stake in International Seaways during the 3rd quarter worth approximately $41,000. EverSource Wealth Advisors LLC lifted its stake in shares of International Seaways by 62.8% during the second quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock worth $44,000 after buying an additional 305 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of International Seaways during the third quarter valued at $52,000. KBC Group NV increased its position in shares of International Seaways by 65.2% in the 3rd quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock valued at $56,000 after acquiring an additional 428 shares during the period. Finally, Quarry LP raised its stake in International Seaways by 408.0% in the 2nd quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock worth $86,000 after acquiring an additional 1,167 shares during the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

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.