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

International Seaways, Inc. (NYSE:INSW) saw a significant decrease in short interest during the month of August. As of August 15th, there was short interest totalling 912,600 shares, a decrease of 6.6% from the July 31st total of 976,900 shares. Based on an average daily trading volume, of 576,000 shares, the short-interest ratio is currently 1.6 days.

Insider Buying and Selling at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $51.19, for a total transaction of $51,190.00. Following the sale, the senior vice president now directly 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 can be accessed through this hyperlink. In related news, CAO James D. Small III sold 7,500 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $55.20, for a total value of $414,000.00. Following the completion of the transaction, 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 SEC, which can be accessed through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $51.19, for a total value of $51,190.00. Following the sale, the senior vice president now directly owns 53,803 shares in the company, valued at $2,754,175.57. The disclosure for this sale can be found here. Insiders sold 52,032 shares of company stock worth $3,125,276 in the last quarter. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On International Seaways

Large investors have recently modified their holdings of the business. Gordian Capital Singapore Pte Ltd bought a new position in International Seaways in the second quarter worth approximately $742,000. Point72 Asset Management L.P. raised its position in shares of International Seaways by 75.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 8,600 shares of the transportation company’s stock worth $509,000 after acquiring an additional 3,700 shares in the last quarter. Quarry LP lifted its stake 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 worth $86,000 after purchasing an additional 1,167 shares during the last quarter. Creative Planning bought a new stake in International Seaways during the second quarter valued at about $313,000. Finally, Algert Global LLC grew its stake in International Seaways by 919.8% in 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 last quarter. Institutional investors own 67.29% of the company’s stock.

International Seaways Price Performance

International Seaways stock opened at $49.86 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.89 and a quick ratio of 3.87. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of 4.66 and a beta of -0.06. The firm has a 50-day moving average of $54.11 and a two-hundred day moving average of $55.58. International Seaways has a 1 year low of $40.11 and a 1 year high of $65.94.

International Seaways (NYSE:INSW) last issued its earnings results on Wednesday, August 7th. The transportation company reported $2.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.13). International Seaways had a net margin of 50.70% and a return on equity of 26.55%. The firm had revenue of $257.40 million for the quarter, compared to the consensus estimate of $256.13 million. During the same period last year, the firm earned $3.12 earnings per share. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. On average, research analysts forecast that International Seaways will post 9.51 earnings per share for the current year.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Wednesday, September 11th. International Seaways’s payout ratio is 4.49%.

Analyst Ratings Changes

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

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.