International Seaways (NYSE:INSW) Shares Gap Down Following Insider Selling

Shares of International Seaways, Inc. (NYSE:INSW) gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $39.37, but opened at $38.53. International Seaways shares last traded at $38.51, with a volume of 129,955 shares traded.

Specifically, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction dated Monday, January 15th. The stock was sold at an average price of $41.28, for a total transaction of $82,560.00. Following the transaction, the chief executive officer now owns 147,045 shares in the company, valued at $6,070,017.60. The trade was a 1.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INSW. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Stifel Nicolaus downgraded International Seaways from a “buy” rating to a “hold” rating and cut their price target for the company from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group dropped their price target on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, International Seaways presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Stock Down 2.3 %

The company has a 50 day moving average price of $38.14 and a 200-day moving average price of $46.60. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The stock has a market capitalization of $1.89 billion, a PE ratio of 3.72 and a beta of -0.10.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The company had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. During the same quarter in the previous year, the firm posted $1.99 EPS. The firm’s revenue was down 6.8% compared to the same quarter last year. As a group, analysts forecast that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were paid a dividend of $1.32 per share. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, December 13th. This represents a $5.28 annualized dividend and a yield of 13.72%. International Seaways’s dividend payout ratio is presently 4.64%.

Institutional Trading of International Seaways

Several hedge funds have recently made changes to their positions in INSW. Blue Trust Inc. purchased a new position in International Seaways in the third quarter worth approximately $41,000. EverSource Wealth Advisors LLC raised its stake in International Seaways by 62.8% in the second quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock valued at $44,000 after buying an additional 305 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in International Seaways during the 3rd quarter worth about $52,000. KBC Group NV boosted its position in shares of International Seaways by 65.2% during the 3rd quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after acquiring an additional 428 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of International Seaways by 408.0% in the 2nd 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. Institutional investors and hedge funds own 67.29% of the company’s stock.

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.