Short Interest in International Seaways, Inc. (NYSE:INSW) Increases By 139.8%

International Seaways, Inc. (NYSE:INSW) saw a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 3,190,000 shares, an increase of 139.8% from the December 31st total of 1,330,000 shares. Based on an average daily volume of 835,300 shares, the short-interest ratio is presently 3.8 days.

Insiders Place Their Bets

In other news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total transaction of $35,070.00. Following the completion of the transaction, the senior vice president now directly owns 49,803 shares of the company’s stock, valued at $1,746,591.21. This trade represents a 1.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $41.83, for a total value of $83,660.00. Following the completion of the sale, the chief executive officer now directly owns 151,475 shares of the company’s stock, valued at approximately $6,336,199.25. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,200 shares of company stock worth $204,962. Company insiders own 1.90% of the company’s stock.

Institutional Trading of International Seaways

Several large investors have recently made changes to their positions in INSW. FMR LLC raised its holdings in shares of International Seaways by 221.0% in the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after acquiring an additional 414,610 shares during the last quarter. Millennium Management LLC purchased a new position in shares of International Seaways during the 2nd quarter valued at $21,875,000. Empowered Funds LLC grew its position in shares of International Seaways by 470.8% during the 4th quarter. Empowered Funds LLC now owns 273,032 shares of the transportation company’s stock valued at $9,813,000 after purchasing an additional 225,196 shares in the last quarter. Barclays PLC grew its position in shares of International Seaways by 206.3% during the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after purchasing an additional 174,695 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of International Seaways during the 2nd quarter valued at $8,781,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.

International Seaways Price Performance

International Seaways stock traded up $1.39 during midday trading on Thursday, reaching $38.87. The company’s stock had a trading volume of 896,204 shares, compared to its average volume of 1,026,299. International Seaways has a 52 week low of $32.11 and a 52 week high of $65.94. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.91 billion, a PE ratio of 3.76 and a beta of -0.10. The business has a 50-day moving average price of $37.24 and a 200-day moving average price of $45.38.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (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 firm had revenue of $225.20 million during the quarter, compared to the consensus estimate of $208.75 million. During the same quarter last year, the firm earned $1.99 earnings per share. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. On average, sell-side analysts predict that International Seaways will post 8.14 EPS for the current year.

International Seaways Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on INSW shares. Stifel Nicolaus downgraded 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. Jefferies Financial Group reduced their target price on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, International Seaways 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.