Short Interest in International Seaways, Inc. (NYSE:INSW) Decreases By 13.6%

International Seaways, Inc. (NYSE:INSW) was the target of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 788,100 shares, a decrease of 13.6% from the August 15th total of 912,600 shares. Based on an average daily trading volume, of 618,400 shares, the days-to-cover ratio is presently 1.3 days.

Wall Street Analyst Weigh In

Several research firms have issued reports on INSW. Stifel Nicolaus lifted their target price on International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and issued a $66.00 target price on shares of International Seaways in a research note on Wednesday, August 7th. Finally, StockNews.com downgraded International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, International Seaways has a consensus rating of “Moderate Buy” and an average price target of $64.75.

International Seaways Stock Performance

Shares of International Seaways stock traded down $0.34 during midday trading on Wednesday, hitting $50.61. The company had a trading volume of 453,944 shares, compared to its average volume of 569,694. The company has a fifty day simple moving average of $52.20 and a 200 day simple moving average of $55.39. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 4.76 and a beta of -0.07. The company has a quick ratio of 3.87, a current ratio of 3.89 and a debt-to-equity ratio of 0.35. International Seaways has a 12-month low of $40.68 and a 12-month high of $65.94.

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

International Seaways Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Wednesday, September 11th. International Seaways’s dividend payout ratio is presently 4.49%.

Insiders Place Their Bets

In other news, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $58.83, for a total transaction of $58,830.00. Following the transaction, the chief financial officer now owns 39,849 shares in the company, valued at $2,344,316.67. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $49.40, for a total transaction of $98,800.00. Following the completion of the sale, the chief executive officer now owns 157,475 shares in the company, valued at $7,779,265. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction on Monday, July 1st. The shares were sold at an average price of $58.83, for a total value of $58,830.00. Following the completion of the transaction, the chief financial officer now owns 39,849 shares in the company, valued at $2,344,316.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,000 shares of company stock worth $660,990. 1.90% of the stock is currently owned by company insiders.

Institutional Trading of International Seaways

Several institutional investors and hedge funds have recently bought and sold shares of INSW. Millennium Management LLC purchased a new position in shares of International Seaways during the second quarter worth $21,875,000. Vanguard Group Inc. increased its holdings in International Seaways by 7.7% in 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 in the last quarter. American Century Companies Inc. raised its position in shares of International Seaways by 25.7% in the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after acquiring an additional 252,492 shares during the period. Goldman Sachs Group Inc. raised its position in shares of International Seaways by 57.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock worth $18,367,000 after acquiring an additional 147,740 shares during the period. Finally, Frontier Capital Management Co. LLC boosted its stake in shares of International Seaways by 20.8% during the 4th quarter. Frontier Capital Management Co. LLC now owns 810,675 shares of the transportation company’s stock worth $36,869,000 after acquiring an additional 139,569 shares in the last quarter. 67.29% of the stock is currently owned by institutional investors and hedge funds.

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.