Overseas Shipholding Group, Inc. (NYSE:OSG) Major Shareholder Cyrus Capital Partners, L.P. Sells 3,788,639 Shares

Overseas Shipholding Group, Inc. (NYSE:OSG) major shareholder Cyrus Capital Partners, L.P. sold 3,788,639 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $4.05, for a total transaction of $15,343,987.95. Following the transaction, the insider now owns 7,080,071 shares of the company’s stock, valued at approximately $28,674,287.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Overseas Shipholding Group Trading Up 5.7 %

Shares of Overseas Shipholding Group stock opened at $4.24 on Tuesday. Overseas Shipholding Group, Inc. has a 12-month low of $2.65 and a 12-month high of $4.51. The company has a market cap of $325.17 million, a price-to-earnings ratio of 7.71 and a beta of 0.50. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.14. The company’s 50-day moving average price is $4.07 and its 200-day moving average price is $3.89.

Overseas Shipholding Group (NYSE:OSG) last announced its quarterly earnings results on Monday, August 7th. The transportation company reported $0.15 earnings per share (EPS) for the quarter. The firm had revenue of $106.63 million for the quarter. Overseas Shipholding Group had a net margin of 10.27% and a return on equity of 13.75%.

Overseas Shipholding Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 21st that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the transportation company to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Overseas Shipholding Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its stake in Overseas Shipholding Group by 568.3% in the second quarter. Royal Bank of Canada now owns 6,195 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 5,268 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in Overseas Shipholding Group during the second quarter valued at approximately $33,000. Stephens Inc. AR bought a new position in Overseas Shipholding Group during the second quarter valued at approximately $44,000. D Orazio & Associates Inc. bought a new position in Overseas Shipholding Group during the second quarter valued at approximately $47,000. Finally, Stokes Family Office LLC bought a new position in Overseas Shipholding Group during the first quarter valued at approximately $51,000. 58.21% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on shares of Overseas Shipholding Group in a report on Thursday, August 17th. They issued a “strong-buy” rating on the stock.

About Overseas Shipholding Group

Overseas Shipholding Group, Inc, together with its subsidiaries, owns and operates a fleet of oceangoing vessels in the United States. Its vessels are engaged in the transportation of crude oil and petroleum products in the United States flag trade. As of December 31, 2022, the company owned or operated a fleet of 21 vessels totaling an aggregate of approximately 1.5 million deadweight tons.