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 the month of January. As of January 15th, there was short interest totalling 3,190,000 shares, a growth of 139.8% from the December 31st total of 1,330,000 shares. Based on an average daily trading volume, of 835,300 shares, the days-to-cover ratio is currently 3.8 days.

Insider Buying and Selling at International Seaways

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways 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 completion of the transaction, the chief executive officer now owns 151,475 shares in the company, valued at approximately $6,336,199.25. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total transaction of $35,070.00. Following the sale, the senior vice president now owns 49,803 shares of the company’s stock, valued at approximately $1,746,591.21. This represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,200 shares of company stock valued at $204,962. 1.90% of the stock is currently owned by company insiders.

Institutional Trading of International Seaways

Several large investors have recently added to or reduced their stakes in INSW. FMR LLC boosted its holdings 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 buying an additional 414,610 shares during the period. Millennium Management LLC bought a new stake in shares of International Seaways in the 2nd quarter valued at approximately $21,875,000. Empowered Funds LLC raised its stake in shares of International Seaways by 470.8% in the fourth quarter. Empowered Funds LLC now owns 273,032 shares of the transportation company’s stock worth $9,813,000 after acquiring an additional 225,196 shares during the last quarter. Barclays PLC raised its position in International Seaways by 206.3% in the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock worth $13,374,000 after purchasing an additional 174,695 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in International Seaways during the 2nd quarter worth $8,781,000. 67.29% of the stock is owned by institutional investors.

International Seaways Stock Performance

Shares of NYSE INSW traded up $1.39 during midday trading on Thursday, hitting $38.87. 896,204 shares of the company’s stock were exchanged, compared to its average volume of 1,026,299. International Seaways has a twelve month low of $32.11 and a twelve month high of $65.94. 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 firm has a market cap of $1.91 billion, a P/E ratio of 3.76 and a beta of -0.10. The stock’s 50 day moving average price is $37.24 and its 200-day moving average price is $45.38.

International Seaways (NYSE:INSW) last released its earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating 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 business had revenue of $225.20 million during the quarter, compared to analyst estimates of $208.75 million. During the same period in the prior year, the business earned $1.99 earnings per share. The business’s quarterly revenue was down 6.8% on a year-over-year basis. Equities research analysts anticipate that International Seaways will post 8.14 EPS for the current year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a $1.32 dividend. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a yield of 13.58%. The ex-dividend date was Friday, December 13th. International Seaways’s dividend payout ratio is presently 4.64%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on INSW shares. Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group cut their target price on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $60.67.

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.