International Seaways, Inc. (NYSE:INSW) Short Interest Up 14.5% in July

International Seaways, Inc. (NYSE:INSW) saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 976,900 shares, an increase of 14.5% from the July 15th total of 853,300 shares. Based on an average daily volume of 602,000 shares, the short-interest ratio is currently 1.6 days.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group restated a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a report on Wednesday, August 7th. Stifel Nicolaus boosted their price target on International Seaways from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. StockNews.com cut International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $64.75.

International Seaways Stock Performance

Shares of NYSE INSW traded down $0.11 during midday trading on Friday, hitting $50.69. 440,860 shares of the stock traded hands, compared to its average volume of 566,131. The firm has a market capitalization of $2.50 billion, a P/E ratio of 4.74 and a beta of -0.06. International Seaways has a one year low of $40.11 and a one year high of $65.94. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.72 and a current ratio of 2.73. The firm has a 50-day moving average of $55.95 and a two-hundred day moving average of $55.67.

International Seaways (NYSE:INSW) last announced its earnings results on Wednesday, August 7th. The transportation company reported $2.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.13). International Seaways had a return on equity of 29.74% and a net margin of 49.88%. The firm had revenue of $257.40 million during the quarter, compared to analysts’ expectations of $256.13 million. During the same period in the previous year, the business posted $3.12 earnings per share. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. On average, equities analysts forecast that International Seaways will post 10.12 EPS for the current fiscal year.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, September 11th. This represents a $0.48 annualized dividend and a yield of 0.95%. International Seaways’s dividend payout ratio (DPR) is 4.49%.

Insider Buying and Selling

In other news, SVP Derek G. Solon sold 1,000 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $64.90, for a total value of $64,900.00. Following the sale, the senior vice president now directly owns 47,887 shares of the company’s stock, valued at approximately $3,107,866.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other International Seaways news, CAO James D. Small III sold 7,500 shares of International Seaways stock in a transaction on Friday, June 14th. The stock was sold at an average price of $55.20, for a total transaction of $414,000.00. Following the completion of the transaction, the chief accounting officer now owns 55,138 shares in the company, valued at $3,043,617.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Derek G. Solon sold 1,000 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $64.90, for a total value of $64,900.00. Following the completion of the sale, the senior vice president now directly owns 47,887 shares in the company, valued at $3,107,866.30. The disclosure for this sale can be found here. Insiders have sold a total of 55,032 shares of company stock valued at $3,333,086 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Trading of International Seaways

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INSW. Quarry LP grew its position in shares of International Seaways by 408.0% during the 2nd quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after acquiring an additional 1,167 shares during the period. Creative Planning bought a new stake in International Seaways during the second quarter valued at about $313,000. Algert Global LLC grew its holdings in International Seaways by 919.8% during the second quarter. Algert Global LLC now owns 60,269 shares of the transportation company’s stock valued at $3,564,000 after purchasing an additional 54,359 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in International Seaways in the second quarter worth about $707,000. Finally, Lighthouse Investment Partners LLC raised its stake in shares of International Seaways by 74.3% in the second quarter. Lighthouse Investment Partners LLC now owns 61,014 shares of the transportation company’s stock worth $3,608,000 after buying an additional 26,018 shares during the period. 67.29% of the stock is 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.