Short Interest in International Seaways, Inc. (NYSE:INSW) Expands By 9.4%

International Seaways, Inc. (NYSE:INSW) saw a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 862,000 shares, a growth of 9.4% from the August 31st total of 788,100 shares. Based on an average daily volume of 609,900 shares, the short-interest ratio is presently 1.4 days.

International Seaways Price Performance

INSW traded down $0.16 during trading on Tuesday, hitting $51.40. 624,733 shares of the stock traded hands, compared to its average volume of 571,742. The business has a 50 day moving average price of $51.22 and a 200 day moving average price of $55.31. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.89 and a quick ratio of 3.87. International Seaways has a twelve month low of $40.68 and a twelve month high of $65.94. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 4.84 and a beta of -0.07.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Wednesday, August 7th. The transportation company reported $2.37 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.13). International Seaways had a return on equity of 26.55% and a net margin of 50.70%. The business had revenue of $257.40 million for the quarter, compared to the consensus estimate of $256.13 million. During the same quarter in the prior year, the company earned $3.12 earnings per share. International Seaways’s quarterly revenue was down 11.9% compared to the same quarter last year. Equities research analysts forecast that International Seaways will post 9.51 earnings per share for the current fiscal year.

International Seaways Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.93%. The ex-dividend date was Wednesday, September 11th. International Seaways’s dividend payout ratio (DPR) is presently 4.49%.

Analysts Set New Price Targets

INSW has been the topic of a number of analyst reports. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research report on Friday. StockNews.com downgraded International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Stifel Nicolaus lifted their price objective on International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $66.00 target price on shares of International Seaways in a report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, International Seaways presently has an average rating of “Buy” and an average price target of $68.00.

Insider Transactions at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $51.19, for a total transaction of $51,190.00. Following the completion of the sale, the senior vice president now owns 53,803 shares of the company’s stock, valued at approximately $2,754,175.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction on Monday, August 12th. The stock was sold at an average price of $49.40, for a total transaction of $98,800.00. Following the completion of the sale, the chief executive officer now owns 157,475 shares of the company’s stock, valued at $7,779,265. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $51.19, for a total transaction of $51,190.00. Following the completion of the transaction, the senior vice president now owns 53,803 shares in the company, valued at $2,754,175.57. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock worth $653,400 in the last ninety days. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Several institutional investors and hedge funds have recently added to or reduced their stakes in INSW. Millennium Management LLC bought a new stake in shares of International Seaways during the second quarter worth about $21,875,000. Vanguard Group Inc. increased its position in International Seaways by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock valued at $212,074,000 after acquiring an additional 286,295 shares during the period. American Century Companies Inc. raised its stake in shares of International Seaways by 25.7% during the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock valued at $73,034,000 after acquiring an additional 252,492 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of International Seaways during the second quarter valued at $8,781,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of International Seaways by 57.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock worth $18,367,000 after purchasing an additional 147,740 shares during the period. 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.