International Seaways, Inc. (NYSE:INSW) Short Interest Up 8.8% in November

International Seaways, Inc. (NYSE:INSW) was the recipient of a large increase in short interest in November. As of November 30th, there was short interest totalling 1,110,000 shares, an increase of 8.8% from the November 15th total of 1,020,000 shares. Based on an average daily volume of 636,800 shares, the short-interest ratio is presently 1.7 days.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and reduced their price target for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group dropped their price objective on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.67.

Insiders Place Their Bets

In related news, SVP William F. Nugent sold 1,000 shares of the 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 sale, the senior vice president now owns 52,803 shares in the company, valued at approximately $2,705,625.72. This trade represents a 1.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Derek G. Solon sold 1,200 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total transaction of $46,692.00. Following the sale, the senior vice president now owns 45,687 shares in the company, valued at $1,777,681.17. This represents a 2.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,200 shares of company stock worth $362,622 in the last quarter. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Several large investors have recently modified their holdings of INSW. FMR LLC raised its stake in shares of International Seaways by 221.0% during the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after acquiring an additional 414,610 shares during the last quarter. Millennium Management LLC bought a new position in International Seaways during the second quarter worth $21,875,000. American Century Companies Inc. raised its stake in International Seaways by 25.7% during the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after buying an additional 252,492 shares during the last quarter. Barclays PLC raised its stake in International Seaways by 206.3% during the third quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock worth $13,374,000 after buying an additional 174,695 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in International Seaways during the second quarter worth $8,781,000. Institutional investors own 67.29% of the company’s stock.

International Seaways Price Performance

NYSE:INSW traded down $0.78 on Tuesday, hitting $33.17. The company had a trading volume of 60,991 shares, compared to its average volume of 584,995. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 3.28 and a beta of -0.10. 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 firm has a 50 day moving average of $43.02 and a two-hundred day moving average of $50.40. International Seaways has a 52 week low of $33.15 and a 52 week high of $65.94.

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. The firm had revenue of $225.20 million during the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.99 earnings per share. On average, research analysts anticipate that International Seaways will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $5.28 annualized dividend and a dividend yield of 15.92%. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is presently 4.64%.

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.