BTIG Research Lowers International Seaways (NYSE:INSW) Price Target to $60.00

Key Points

• BTIG Research has lowered the price target for International Seaways from $70.00 to $60.00, while maintaining a "buy" rating, suggesting a potential 34.23% upside from the current price.
• International Seaways' stock has recently increased by 3.3%, reaching a price of $44.70, with a market cap of $2.21 billion.
• The company's latest earnings reveal a miss on EPS expectations, reporting $1.02 against a consensus of $1.05, with a revenue decline of 24.0% year-over-year.

International Seaways (NYSE:INSW - Free Report) had its price objective decreased by BTIG Research from $70.00 to $60.00 in a research report report published on Wednesday morning, Marketbeat.com reports. BTIG Research currently has a buy rating on the transportation company's stock.

Separately, Jefferies Financial Group reiterated a "buy" rating and issued a $48.00 price objective on shares of International Seaways in a research report on Thursday, May 8th.

International Seaways Stock Performance

Shares of INSW traded down $0.29 during mid-day trading on Wednesday, reaching $42.79. 1,343,661 shares of the company's stock were exchanged, compared to its average volume of 597,757. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $2.11 billion, a PE ratio of 9.99 and a beta of 0.05. The business's fifty day simple moving average is $39.35 and its 200-day simple moving average is $36.77. International Seaways has a 52-week low of $27.20 and a 52-week high of $54.84.

International Seaways (NYSE:INSW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The transportation company reported $1.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.11. The business had revenue of $188.82 million for the quarter, compared to analyst estimates of $199.06 million. International Seaways had a net margin of 29.88% and a return on equity of 11.35%. The company's revenue for the quarter was down 24.0% compared to the same quarter last year. During the same period last year, the firm posted $2.37 earnings per share. On average, equities research analysts expect that International Seaways will post 7.77 earnings per share for the current year.

International Seaways Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, September 10th. International Seaways's payout ratio is presently 9.98%.

Insiders Place Their Bets

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the business's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $40.21, for a total transaction of $40,210.00. Following the sale, the senior vice president directly owned 58,752 shares in the company, valued at approximately $2,362,417.92. The trade was a 1.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Derek G. Solon sold 1,500 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $38.22, for a total transaction of $57,330.00. Following the sale, the senior vice president owned 55,893 shares in the company, valued at $2,136,230.46. The trade was a 2.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,500 shares of company stock worth $479,930. Corporate insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On International Seaways

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in International Seaways by 18.3% in the 2nd quarter. Blue Trust Inc. now owns 1,872 shares of the transportation company's stock valued at $68,000 after purchasing an additional 289 shares during the last quarter. Glenorchy Capital Ltd raised its stake in International Seaways by 0.6% in the 4th quarter. Glenorchy Capital Ltd now owns 50,328 shares of the transportation company's stock valued at $1,809,000 after purchasing an additional 322 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in International Seaways by 2.8% in the 1st quarter. SummerHaven Investment Management LLC now owns 13,759 shares of the transportation company's stock valued at $457,000 after purchasing an additional 370 shares during the last quarter. Arizona State Retirement System raised its stake in International Seaways by 3.9% in the 1st quarter. Arizona State Retirement System now owns 11,993 shares of the transportation company's stock valued at $398,000 after purchasing an additional 455 shares during the last quarter. Finally, Rossby Financial LCC raised its stake in International Seaways by 3.6% in the 2nd quarter. Rossby Financial LCC now owns 15,386 shares of the transportation company's stock valued at $561,000 after purchasing an additional 530 shares during the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

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.