International Seaways (NYSE:INSW) Trading 3.5% Higher

Shares of International Seaways, Inc. (NYSE:INSW) rose 3.5% during trading on Friday . The stock traded as high as $52.61 and last traded at $52.53. Approximately 316,780 shares changed hands during trading, a decline of 44% from the average daily volume of 562,054 shares. The stock had previously closed at $50.74.

Wall Street Analyst Weigh In

A number of research firms recently commented on INSW. Stifel Nicolaus lifted their price target on International Seaways from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $66.00 price target on shares of International Seaways in a report on Wednesday, August 7th. StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, International Seaways presently has an average rating of “Moderate Buy” and a consensus target price of $64.75.

International Seaways Stock Up 2.1 %

The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 4.84 and a beta of -0.06. The stock has a 50-day moving average of $54.49 and a 200-day moving average of $55.59. The company has a current ratio of 2.73, a quick ratio of 2.72 and a debt-to-equity ratio of 0.31.

International Seaways (NYSE:INSW) last announced its quarterly earnings results on Wednesday, August 7th. The transportation company reported $2.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.13). International Seaways had a net margin of 49.88% and a return on equity of 29.74%. The firm had revenue of $257.40 million for the quarter, compared to analyst estimates of $256.13 million. During the same period last year, the firm posted $3.12 EPS. The business’s revenue was down 11.9% compared to the same quarter last year. As a group, sell-side analysts forecast that International Seaways, Inc. will post 10.12 EPS for the current fiscal year.

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $0.48 annualized dividend and a dividend yield of 0.93%. International Seaways’s payout ratio is currently 4.49%.

Insider Activity

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $49.40, for a total value of $98,800.00. Following the completion of the transaction, the chief executive officer now directly owns 157,475 shares of the company’s stock, valued at approximately $7,779,265. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other International Seaways news, CFO Jeffrey Pribor sold 35,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $62.37, for a total transaction of $2,182,950.00. Following the transaction, the chief financial officer now owns 40,849 shares of the company’s stock, valued at approximately $2,547,752.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $49.40, for a total transaction of $98,800.00. Following the sale, the chief executive officer now owns 157,475 shares in the company, valued at $7,779,265. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,032 shares of company stock valued at $3,074,086. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Millennium Management LLC bought a new position in International Seaways during the 2nd quarter valued at $21,875,000. Vanguard Group Inc. boosted its stake in International Seaways by 7.7% during the first quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock valued at $212,074,000 after buying an additional 286,295 shares in the last quarter. American Century Companies Inc. grew its holdings in International Seaways by 25.7% during the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after acquiring an additional 252,492 shares during the period. Goldman Sachs Group Inc. raised its position in International Seaways by 57.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock worth $18,367,000 after acquiring an additional 147,740 shares in the last quarter. Finally, Frontier Capital Management Co. LLC lifted its holdings in International Seaways by 20.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 810,675 shares of the transportation company’s stock valued at $36,869,000 after acquiring an additional 139,569 shares during the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

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.