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

International Seaways, Inc. (NYSE:INSW) was the target of a significant growth in short interest during the month of 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 days-to-cover ratio is presently 3.8 days.

International Seaways Stock Down 2.9 %

Shares of INSW traded down $1.22 during mid-day trading on Thursday, hitting $40.40. 351,887 shares of the company’s stock were exchanged, compared to its average volume of 950,383. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 3.90 and a beta of -0.10. International Seaways has a fifty-two week low of $32.11 and a fifty-two week high of $65.94. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The stock’s 50-day moving average is $38.32 and its 200-day moving average is $46.89.

International Seaways (NYSE:INSW) last released its earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share 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 firm had revenue of $225.20 million for the quarter, compared to analyst estimates of $208.75 million. During the same period in the prior year, the firm earned $1.99 earnings per share. The business’s quarterly revenue was down 6.8% compared to the same quarter last year. On average, sell-side analysts anticipate that International Seaways will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 13.07%. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date was Friday, December 13th. International Seaways’s dividend payout ratio is presently 4.64%.

Analysts Set New Price Targets

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

Insider Buying and Selling at International Seaways

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

Hedge Funds Weigh In On International Seaways

Several hedge funds have recently added to or reduced their stakes in INSW. Geode Capital Management LLC lifted its holdings in shares of International Seaways by 4.3% during 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. Renaissance Technologies LLC lifted its holdings in shares of International Seaways by 5.3% during the second quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock worth $52,184,000 after purchasing an additional 44,200 shares during the period. FMR LLC boosted its position in shares of International Seaways by 221.0% during the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after purchasing an additional 414,610 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in International Seaways by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock worth $22,205,000 after buying an additional 32,825 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in International Seaways during the second quarter worth about $21,875,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

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.