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

International Seaways, Inc. (NYSE:INSW) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 1,010,000 shares, a decline of 14.4% from the September 30th total of 1,180,000 shares. Based on an average trading volume of 610,300 shares, the short-interest ratio is presently 1.7 days.

Insider Buying and Selling at International Seaways

In related news, Director Alexandra Kate Blankenship sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the sale, the director now directly owns 16,109 shares in the company, valued at approximately $792,079.53. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Alexandra Kate Blankenship sold 5,000 shares of International Seaways stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.17, for a total value of $245,850.00. Following the completion of the transaction, the director now directly owns 16,109 shares in the company, valued at approximately $792,079.53. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $49.22, for a total value of $98,440.00. Following the sale, the chief executive officer now directly owns 153,475 shares in the company, valued at $7,554,039.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,000 shares of company stock valued at $695,870 over the last three months. 1.90% of the stock is currently owned by insiders.

Institutional Trading of International Seaways

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of International Seaways by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 3,700,058 shares of the transportation company’s stock valued at $168,279,000 after purchasing an additional 119,000 shares in the last quarter. DMC Group LLC bought a new position in shares of International Seaways during the first quarter valued at about $224,000. Commonwealth Equity Services LLC increased its holdings in shares of International Seaways by 261.7% in the first quarter. Commonwealth Equity Services LLC now owns 17,179 shares of the transportation company’s stock worth $914,000 after buying an additional 12,429 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of International Seaways by 28.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,485 shares of the transportation company’s stock valued at $1,303,000 after acquiring an additional 5,469 shares during the last quarter. Finally, Peterson Wealth Services boosted its holdings in International Seaways by 188.8% during the 1st quarter. Peterson Wealth Services now owns 12,859 shares of the transportation company’s stock valued at $684,000 after acquiring an additional 8,406 shares during the period. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Stifel Nicolaus cut 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 report on Wednesday, October 23rd. Jefferies Financial Group reissued a “buy” rating and set a $66.00 price objective on shares of International Seaways in a research note on Wednesday, August 7th. Finally, StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Two equities research 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $62.67.

International Seaways Price Performance

Shares of NYSE:INSW traded up $0.21 during trading on Thursday, reaching $43.54. The company had a trading volume of 647,190 shares, compared to its average volume of 576,111. International Seaways has a 12 month low of $42.08 and a 12 month high of $65.94. The company has a current ratio of 3.89, a quick ratio of 3.87 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.15 billion, a P/E ratio of 4.07 and a beta of -0.08. The company has a fifty day moving average of $50.02 and a two-hundred day moving average of $54.75.

International Seaways (NYSE:INSW) last released its quarterly 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 analysts’ expectations of $256.13 million. During the same quarter in the previous year, the business earned $3.12 EPS. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. Equities research analysts forecast that International Seaways will post 9.31 earnings per share for the current year.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $0.48 dividend on an annualized basis and a yield of 1.10%. International Seaways’s payout ratio is 4.49%.

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.