International Seaways (NYSE:INSW) Hits New 12-Month High After Strong Earnings

International Seaways Inc. (NYSE:INSW)’s stock price hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $53.90 and last traded at $52.4210, with a volume of 81700 shares traded. The stock had previously closed at $50.14.

The transportation company reported ($0.63) earnings per share for the quarter. International Seaways had a return on equity of 11.35% and a net margin of 29.88%.The firm had revenue of $84.82 million during the quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. BTIG Research decreased their price objective on International Seaways from $70.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of International Seaways in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, International Seaways presently has an average rating of “Moderate Buy” and an average price target of $52.67.

Insiders Place Their Bets

In other news, SVP Derek G. Solon sold 3,000 shares of International Seaways stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $41.35, for a total transaction of $124,050.00. Following the completion of the sale, the senior vice president owned 52,893 shares in the company, valued at approximately $2,187,125.55. This trade represents a 5.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $44.00, for a total value of $44,000.00. Following the sale, the chief financial officer owned 67,695 shares of the company’s stock, valued at approximately $2,978,580. This trade represents a 1.46% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 17,000 shares of company stock worth $737,320. Insiders own 2.00% of the company’s stock.

Institutional Trading of International Seaways

A number of hedge funds have recently bought and sold shares of INSW. Pacer Advisors Inc. bought a new stake in International Seaways in the first quarter valued at approximately $17,331,000. Encompass Capital Advisors LLC bought a new stake in International Seaways in the first quarter valued at approximately $9,957,000. Nuveen LLC bought a new stake in International Seaways in the first quarter valued at approximately $9,079,000. Donald Smith & CO. Inc. lifted its position in International Seaways by 43.9% in the second quarter. Donald Smith & CO. Inc. now owns 709,036 shares of the transportation company’s stock valued at $25,866,000 after purchasing an additional 216,325 shares during the last quarter. Finally, Baird Financial Group Inc. bought a new stake in International Seaways in the first quarter valued at approximately $6,965,000. Institutional investors own 67.29% of the company’s stock.

International Seaways Stock Up 5.1%

The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a 50-day simple moving average of $46.99 and a two-hundred day simple moving average of $41.68. The stock has a market cap of $2.60 billion, a P/E ratio of 10.94 and a beta of -0.02.

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.