Overseas Shipholding Group's Shares Jumped: What You Need to Know (COP, OSG)

Overseas Shipholding Group's Shares Jumped: What You Need to Know

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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of oil-tankers operator Overseas Shipholding Group (NYSE: OSG ) soared to intraday gains as high as 14.3% on very average trading volume.

So what: Oil prices are racing higher today, which always helps the tanker operators. Moreover, drilling giant ConocoPhillips (NYSE: COP ) was awarded a license to start a major oilfield project in Alaska, which should bring plenty of fresh shipping business to mainly American shipper Overseas.

Now what: The good news is very welcome for Overseas, since the company has fallen into a funk with negative earnings and shrinking sales in recent quarters. Share prices are still down 71% year to date. The company recently slashed its dividend in half but still yields a very generous 8.6% at these prices. This would be an awesome time to buy into that dividend if you believe in the tanker industry -- but some stocks tank for a reason. This is hardly a risk-free investment.

Interested in more info about Overseas Shipholding Group? Add it to My Watchlist.

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Fool contributor Anders Bylund holds no position in any of the companies mentioned. We Fools don't all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Check out Anders' holdings and bio, or follow him on Twitter and Google+. We have a disclosure policy.

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