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

International Seaways, Inc. (NYSE:INSW) was the target of a significant growth in short interest in November. As of November 30th, there was short interest totalling 1,110,000 shares, a growth of 8.8% from the November 15th total of 1,020,000 shares. Based on an average daily volume of 636,800 shares, the days-to-cover ratio is presently 1.7 days.

Wall Street Analysts Forecast Growth

INSW has been the topic of several research reports. Jefferies Financial Group lowered their price target on 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 International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and cut their price target for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. 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 company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.67.

Insider Transactions at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.24, for a total value of $51,240.00. Following the completion of the sale, the senior vice president now owns 52,803 shares of the company’s stock, valued at approximately $2,705,625.72. The trade was a 1.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $41.83, for a total transaction of $83,660.00. Following the transaction, the chief executive officer now directly owns 151,475 shares in the company, valued at $6,336,199.25. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,200 shares of company stock valued at $362,622 over the last three months. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in INSW. EdgeRock Capital LLC bought a new stake in shares of International Seaways in the 2nd quarter valued at about $28,000. Blue Trust Inc. bought a new position in International Seaways during the 3rd quarter worth $41,000. EverSource Wealth Advisors LLC lifted its holdings in shares of International Seaways by 62.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock worth $44,000 after acquiring an additional 305 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of International Seaways during the 3rd quarter worth $52,000. Finally, KBC Group NV lifted its holdings in shares of International Seaways by 65.2% in the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after acquiring an additional 428 shares during the last quarter. Institutional investors own 67.29% of the company’s stock.

International Seaways Trading Down 3.4 %

Shares of INSW stock traded down $1.16 on Tuesday, reaching $32.79. 224,355 shares of the stock were exchanged, compared to its average volume of 585,660. International Seaways has a one year low of $32.73 and a one year high of $65.94. The stock has a 50 day moving average price of $43.02 and a 200 day moving average price of $50.40. 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 $1.61 billion, a PE ratio of 3.28 and a beta of -0.10.

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

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $1.32 per share. The ex-dividend date is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 dividend on an annualized basis and a dividend yield of 16.10%. International Seaways’s dividend payout ratio (DPR) is presently 4.64%.

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.