International Seaways (NYSE:INSW) Trading Up 4.9% on Analyst Upgrade

International Seaways, Inc. (NYSE:INSW) rose 4.9% on Thursday after Stifel Nicolaus raised their price target on the stock from $66.00 to $68.00. Stifel Nicolaus currently has a buy rating on the stock. International Seaways traded as high as $59.36 and last traded at $59.23. Approximately 300,534 shares traded hands during trading, a decline of 45% from the average daily volume of 543,642 shares. The stock had previously closed at $56.45.

Several other brokerages have also issued reports on INSW. StockNews.com raised International Seaways from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Jefferies Financial Group reaffirmed a “buy” rating and set a $66.00 target price on shares of International Seaways in a research report on Thursday, February 29th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $63.75.

Insider Transactions at International Seaways

In other news, VP Adewale Oshodi sold 6,212 shares of International Seaways stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $62.06, for a total value of $385,516.72. Following the completion of the transaction, the vice president now directly owns 6,326 shares of the company’s stock, valued at approximately $392,591.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, VP Adewale Oshodi sold 6,212 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $62.06, for a total value of $385,516.72. Following the completion of the sale, the vice president now directly owns 6,326 shares of the company’s stock, valued at approximately $392,591.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $54.87, for a total value of $54,870.00. Following the completion of the sale, the chief financial officer now directly owns 76,849 shares of the company’s stock, valued at $4,216,704.63. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,879 shares of company stock valued at $4,336,583. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of International Seaways

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC bought a new stake in International Seaways in the 1st quarter valued at about $27,000. Boston Partners increased its position in International Seaways by 433.9% in the 1st quarter. Boston Partners now owns 163,778 shares of the transportation company’s stock valued at $8,718,000 after buying an additional 133,102 shares in the last quarter. Verity Asset Management Inc. increased its position in International Seaways by 29.5% in the 1st quarter. Verity Asset Management Inc. now owns 11,904 shares of the transportation company’s stock valued at $633,000 after buying an additional 2,709 shares in the last quarter. Tidal Investments LLC boosted its stake in International Seaways by 20.6% during the 1st quarter. Tidal Investments LLC now owns 36,097 shares of the transportation company’s stock valued at $1,920,000 after purchasing an additional 6,166 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in International Seaways by 36.0% during the 1st quarter. Janus Henderson Group PLC now owns 21,909 shares of the transportation company’s stock valued at $1,165,000 after purchasing an additional 5,802 shares during the last quarter. 67.29% of the stock is owned by institutional investors.

International Seaways Price Performance

The firm has a market cap of $2.96 billion, a price-to-earnings ratio of 5.60 and a beta of -0.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.72 and a current ratio of 2.73. The business has a 50 day simple moving average of $59.19 and a 200-day simple moving average of $53.60.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Wednesday, May 8th. The transportation company reported $2.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.54. The business had revenue of $274.40 million during the quarter, compared to the consensus estimate of $249.12 million. International Seaways had a return on equity of 29.74% and a net margin of 49.88%. The company’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.30 EPS. Equities research analysts expect that International Seaways, Inc. will post 10.07 earnings per share for the current year.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 26th. Shareholders of record on Wednesday, June 12th will be paid a dividend of $1.75 per share. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $7.00 dividend on an annualized basis and a yield of 11.68%. This is an increase from International Seaways’s previous quarterly dividend of $1.20. International Seaways’s payout ratio is 4.49%.

International Seaways Company Profile

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.