International Seaways (NYSE:INSW) Stock Price Down 3.8% - Here's What Happened

International Seaways Inc. (NYSE:INSW - Get Free Report)'s share price traded down 3.8% during mid-day trading on Wednesday . The stock traded as low as $38.24 and last traded at $38.18. 57,540 shares traded hands during trading, a decline of 92% from the average session volume of 760,957 shares. The stock had previously closed at $39.70.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group reaffirmed a "buy" rating and set a $48.00 price target on shares of International Seaways in a research note on Thursday, May 8th.

International Seaways Price Performance

The company has a quick ratio of 2.75, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. The company has a market cap of $1.98 billion, a PE ratio of 7.10 and a beta of 0.05. The business's 50 day moving average price is $38.14 and its 200-day moving average price is $36.38.

International Seaways (NYSE:INSW - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The transportation company reported $0.80 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.21. International Seaways had a net margin of 37.39% and a return on equity of 14.98%. The business had revenue of $178.34 million during the quarter, compared to the consensus estimate of $176.49 million. During the same quarter last year, the company earned $2.92 earnings per share. The business's quarterly revenue was down 32.9% compared to the same quarter last year. As a group, analysts forecast that International Seaways Inc. will post 7.77 earnings per share for the current year.

International Seaways Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Thursday, June 12th. International Seaways's dividend payout ratio (DPR) is presently 7.42%.

Insider Activity at International Seaways

In related news, SVP Derek G. Solon sold 1,500 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $38.22, for a total value of $57,330.00. Following the sale, the senior vice president owned 55,893 shares of the company's stock, valued at $2,136,230.46. This trade represents a 2.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $31.66, for a total transaction of $63,320.00. Following the completion of the sale, the chief executive officer directly owned 198,771 shares in the company, valued at approximately $6,293,089.86. This trade represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,500 shares of company stock worth $382,570 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of International Seaways

Large investors have recently modified their holdings of the company. Pacer Advisors Inc. acquired a new position in International Seaways during the 1st quarter valued at about $17,331,000. Bridgeway Capital Management LLC acquired a new position in International Seaways during the 4th quarter valued at about $14,269,000. Vanguard Group Inc. increased its stake in International Seaways by 8.4% during the 4th quarter. Vanguard Group Inc. now owns 4,759,119 shares of the transportation company's stock valued at $171,043,000 after buying an additional 369,145 shares during the period. Clearbridge Investments LLC acquired a new position in International Seaways during the 4th quarter valued at about $11,374,000. Finally, Encompass Capital Advisors LLC acquired a new position in International Seaways during the 1st quarter valued at about $9,957,000. 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.