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

International Seaways, Inc. (NYSE:INSW) saw a large increase in short interest during 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 trading volume of 602,000 shares, the short-interest ratio is currently 1.6 days.

International Seaways Price Performance

INSW traded down $0.11 during trading on Friday, hitting $50.69. 440,860 shares of the company traded hands, compared to its average volume of 566,131. The company has a market cap of $2.50 billion, a PE ratio of 4.74 and a beta of -0.06. The stock’s 50-day simple moving average is $55.95 and its two-hundred day simple moving average is $55.67. The company has a current ratio of 2.73, a quick ratio of 2.72 and a debt-to-equity ratio of 0.31. International Seaways has a 1 year low of $40.11 and a 1 year high of $65.94.

International Seaways (NYSE:INSW) last announced its quarterly earnings results 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 29.74% and a net margin of 49.88%. The business had revenue of $257.40 million during the quarter, compared to the consensus estimate of $256.13 million. During the same quarter in the prior year, the firm posted $3.12 EPS. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. As a group, sell-side analysts anticipate that International Seaways will post 10.12 earnings per share for the current fiscal year.

International Seaways Cuts Dividend

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

Insider Activity at International Seaways

In other news, SVP William F. Nugent sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $64.70, for a total transaction of $194,100.00. Following the completion of the sale, the senior vice president now owns 54,803 shares of the company’s stock, valued at $3,545,754.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO James D. Small III sold 7,500 shares of International Seaways stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $55.20, for a total transaction of $414,000.00. Following the sale, the chief accounting officer now owns 55,138 shares of the company’s stock, valued at approximately $3,043,617.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP William F. Nugent sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $64.70, for a total value of $194,100.00. Following the completion of the transaction, the senior vice president now owns 54,803 shares of the company’s stock, valued at approximately $3,545,754.10. The disclosure for this sale can be found here. Insiders sold 55,032 shares of company stock worth $3,333,086 in the last ninety days. 1.90% of the stock is owned by company insiders.

Institutional Trading of International Seaways

A number of institutional investors have recently bought and sold shares of INSW. EdgeRock Capital LLC purchased a new stake in shares of International Seaways during the second quarter valued at $28,000. EverSource Wealth Advisors LLC bought a new stake in shares of International Seaways in the 1st quarter valued at about $27,000. Headlands Technologies LLC lifted its holdings in International Seaways by 173.4% during the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company’s stock worth $48,000 after buying an additional 574 shares during the period. Quarry LP boosted its position in International Seaways by 408.0% during the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after purchasing an additional 1,167 shares in the last quarter. Finally, CWM LLC boosted its stake in International Seaways by 47.9% in the second quarter. CWM LLC now owns 1,470 shares of the transportation company’s stock valued at $87,000 after acquiring an additional 476 shares in the last quarter. 67.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on INSW shares. Stifel Nicolaus lifted their price target on International Seaways from $68.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft increased their target price on International Seaways from $62.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Jefferies Financial Group reiterated a “buy” rating and set a $66.00 price target on shares of International Seaways in a research note on Wednesday, August 7th. Finally, StockNews.com cut shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.75.

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.