International Seaways (NYSE:INSW) Trading Up 7.1% – What’s Next?

International Seaways, Inc. (NYSE:INSW)’s share price shot up 7.1% during trading on Tuesday . The company traded as high as $38.00 and last traded at $37.91. 232,969 shares traded hands during trading, a decline of 64% from the average session volume of 646,482 shares. The stock had previously closed at $35.41.

Wall Street Analysts Forecast Growth

INSW has been the subject of several analyst reports. Jefferies Financial Group cut their target price on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and decreased their target price for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, International Seaways currently has an average rating of “Moderate Buy” and a consensus price target of $60.67.

International Seaways Trading Up 7.1 %

The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 3.66 and a beta of -0.10. The business has a fifty day moving average price of $38.85 and a 200 day moving average price of $47.78.

International Seaways (NYSE:INSW) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $208.75 million. During the same period last year, the business posted $1.99 EPS. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. As a group, equities analysts forecast that International Seaways, Inc. will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a dividend of $1.32 per share. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a yield of 13.93%. The ex-dividend date was Friday, December 13th. International Seaways’s payout ratio is currently 4.64%.

Insider Activity

In other news, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total value of $35,070.00. Following the completion of the transaction, the senior vice president now directly owns 49,803 shares in the company, valued at approximately $1,746,591.21. This represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Derek G. Solon sold 1,200 shares of International Seaways stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total transaction of $46,692.00. Following the sale, the senior vice president now directly owns 45,687 shares in the company, valued at $1,777,681.17. This trade represents a 2.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,200 shares of company stock valued at $346,452. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC boosted its stake in shares of International Seaways by 221.0% during the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after buying an additional 414,610 shares during the last quarter. Millennium Management LLC acquired a new position in International Seaways during the 2nd quarter worth $21,875,000. American Century Companies Inc. increased its position in shares of International Seaways by 25.7% in the 2nd quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after purchasing an additional 252,492 shares during the last quarter. Barclays PLC raised its stake in shares of International Seaways by 206.3% in the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after purchasing an additional 174,695 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of International Seaways during the second quarter worth about $8,781,000. Hedge funds and other institutional investors 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.