International Seaways, Inc. (NYSE:INSW) Short Interest Down 14.4% in October

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Stifel Nicolaus downgraded International Seaways from a “buy” rating to a “hold” rating and dropped their target price for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $66.00 price target on shares of International Seaways in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.67.

International Seaways Stock Performance

International Seaways stock opened at $44.74 on Tuesday. International Seaways has a 1-year low of $42.08 and a 1-year 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 firm has a market capitalization of $2.21 billion, a PE ratio of 4.18 and a beta of -0.08. The firm’s 50 day simple moving average is $50.40 and its 200 day simple moving average is $54.94.

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 the consensus estimate of $2.50 by ($0.13). The firm had revenue of $257.40 million during 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%. The company’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same period in the previous year, the company posted $3.12 EPS. As a group, analysts expect that International Seaways will post 9.31 earnings per share for the current fiscal year.

International Seaways Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, September 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.07%. International Seaways’s dividend payout ratio (DPR) is presently 4.49%.

Insider Activity

In related news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $55.97, for a total value of $55,970.00. Following the transaction, the chief financial officer now directly owns 38,849 shares of the company’s stock, valued at approximately $2,174,378.53. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’s 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 sale, the director now directly owns 16,109 shares of the company’s stock, valued at $792,079.53. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $55.97, for a total value of $55,970.00. Following the transaction, the chief financial officer now directly owns 38,849 shares in the company, valued at $2,174,378.53. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,000 shares of company stock valued at $751,840 in the last ninety days. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC bought a new stake in International Seaways during the first quarter valued at approximately $27,000. EdgeRock Capital LLC purchased a new stake in shares of International Seaways during the 2nd quarter valued at $28,000. Blue Trust Inc. bought a new stake in shares of International Seaways during the 3rd quarter worth $41,000. Headlands Technologies LLC grew its position in International Seaways by 173.4% in the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company’s stock worth $48,000 after acquiring an additional 574 shares in the last quarter. Finally, Quarry LP increased its stake in International Seaways by 408.0% in the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after acquiring an additional 1,167 shares during the last quarter. 67.29% of the stock is currently owned by 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.