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

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

International Seaways Price Performance

Shares of NYSE:INSW traded up $1.12 during trading on Wednesday, reaching $37.46. 937,797 shares of the company's stock traded hands, compared to its average volume of 1,033,516. The firm has a market cap of $1.84 billion, a PE ratio of 3.62 and a beta of -0.10. International Seaways has a fifty-two week low of $32.11 and a fifty-two week high of $65.94. The company has a 50-day simple moving average of $37.38 and a 200-day simple moving average of $45.48. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32.

International Seaways (NYSE:INSW - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.15. The firm had revenue of $225.20 million during the quarter, compared to analysts' expectations of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. International Seaways's revenue was down 6.8% compared to the same quarter last year. During the same period last year, the business earned $1.99 earnings per share. As a group, analysts predict that International Seaways will post 8.14 earnings per share for the current year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 14.10%. This is a positive change from International Seaways's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, December 13th. International Seaways's dividend payout ratio (DPR) is presently 4.64%.

Wall Street Analyst Weigh In

INSW has been the topic of a number of recent research reports. Jefferies Financial Group decreased their price target on shares of International Seaways from $66.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, November 14th. Stifel Nicolaus downgraded International Seaways from a "buy" rating to a "hold" rating and decreased their target price for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. 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 stock. According to MarketBeat.com, International Seaways currently has a consensus rating of "Moderate Buy" and an average target price of $60.67.

Insider Activity at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $35.07, for a total value of $35,070.00. Following the sale, the senior vice president now directly owns 49,803 shares in the company, valued at approximately $1,746,591.21. This trade represents a 1.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Derek G. Solon sold 1,200 shares of the business's stock in a transaction dated 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 directly owns 45,687 shares in the company, valued at $1,777,681.17. The trade was a 2.56 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,200 shares of company stock worth $248,012. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On International Seaways

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in International Seaways by 4.3% in the third quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company's stock valued at $48,650,000 after acquiring an additional 38,871 shares during the period. FMR LLC lifted its position in International Seaways by 221.0% during the third quarter. FMR LLC now owns 602,213 shares of the transportation company's stock worth $31,050,000 after buying an additional 414,610 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in International Seaways by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company's stock valued at $22,205,000 after purchasing an additional 32,825 shares during the period. Private Management Group Inc. raised its position in shares of International Seaways by 29.9% in the 4th quarter. Private Management Group Inc. now owns 382,750 shares of the transportation company's stock worth $13,756,000 after buying an additional 88,007 shares during the period. Finally, Millennium Management LLC acquired a new position in shares of International Seaways in the 2nd quarter valued at about $21,875,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

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.

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