International Seaways, Inc. (NYSE:INSW) Short Interest Up 9.4% in September

International Seaways, Inc. (NYSE:INSW) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 862,000 shares, a growth of 9.4% from the August 31st total of 788,100 shares. Based on an average daily volume of 609,900 shares, the short-interest ratio is currently 1.4 days.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research note on Friday. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Stifel Nicolaus raised their price target on shares of International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $66.00 price objective on shares of International Seaways in a report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $68.00.

Insider Buying and Selling

In other news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.24, for a total transaction of $51,240.00. Following the completion of the sale, the senior vice president now owns 52,803 shares of the company’s stock, valued at approximately $2,705,625.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.24, for a total transaction of $51,240.00. Following the transaction, the senior vice president now owns 52,803 shares of the company’s stock, valued at approximately $2,705,625.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $49.17, for a total value of $245,850.00. Following the completion of the sale, the director now directly owns 16,109 shares of the company’s stock, valued at $792,079.53. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock valued at $653,400 over the last 90 days. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Several large investors have recently made changes to their positions in INSW. Vanguard Group Inc. grew its position in International Seaways by 7.7% during the first quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock valued at $212,074,000 after buying an additional 286,295 shares during the period. American Century Companies Inc. grew its position in shares of International Seaways by 25.7% during the 2nd quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock valued at $73,034,000 after acquiring an additional 252,492 shares during the period. Renaissance Technologies LLC increased its stake in shares of International Seaways by 5.3% during the 2nd quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock worth $52,184,000 after purchasing an additional 44,200 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of International Seaways by 4.1% in the 2nd quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company’s stock worth $50,482,000 after purchasing an additional 33,712 shares during the period. Finally, Frontier Capital Management Co. LLC grew its holdings in International Seaways by 20.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 810,675 shares of the transportation company’s stock valued at $36,869,000 after purchasing an additional 139,569 shares during the period. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Stock Down 0.3 %

Shares of INSW stock traded down $0.16 on Tuesday, hitting $51.40. The stock had a trading volume of 624,733 shares, compared to its average volume of 571,742. 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 business has a 50 day moving average of $51.22 and a 200 day moving average of $55.31. International Seaways has a 12-month low of $40.68 and a 12-month high of $65.94. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 4.84 and a beta of -0.07.

International Seaways (NYSE:INSW) last posted its earnings results on Wednesday, August 7th. The transportation company reported $2.37 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.13). The firm had revenue of $257.40 million for the quarter, compared to the consensus estimate of $256.13 million. International Seaways had a return on equity of 26.55% and a net margin of 50.70%. International Seaways’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same period in the prior year, the business earned $3.12 EPS. As a group, analysts expect that International Seaways will post 9.51 EPS for the current year.

International Seaways Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were given a $0.12 dividend. The ex-dividend date was Wednesday, September 11th. This represents a $0.48 annualized dividend and a yield of 0.93%. International Seaways’s dividend payout ratio is currently 4.49%.

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.