International Seaways (NYSE:INSW) Trading Down 3.5% - Here's What Happened

International Seaways Inc. (NYSE:INSW - Get Free Report) dropped 3.5% during trading on Monday . The stock traded as low as $39.07 and last traded at $38.49. Approximately 107,607 shares changed hands during trading, a decline of 86% from the average daily volume of 751,472 shares. The stock had previously closed at $39.91.

Analyst Upgrades and Downgrades

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

International Seaways Stock Performance

The company has a market cap of $2.02 billion, a PE ratio of 6.33 and a beta of 0.05. The company has a current ratio of 2.76, a quick ratio of 2.75 and a debt-to-equity ratio of 0.29. The firm's 50-day simple moving average is $36.38 and its two-hundred day simple moving average is $36.05.

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

International Seaways Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Thursday, June 12th. International Seaways's dividend payout ratio is presently 7.42%.

Insiders Place Their Bets

In other news, SVP William F. Nugent sold 1,000 shares of the company's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $34.01, for a total value of $34,010.00. Following the sale, the senior vice president now directly owns 61,752 shares of the company's stock, valued at $2,100,185.52. This represents a 1.59% 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 company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $38.74, for a total transaction of $77,480.00. Following the completion of the sale, the chief executive officer now directly owns 194,771 shares in the company, valued at $7,545,428.54. This trade represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,500 shares of company stock valued at $378,200. Insiders own 2.00% of the company's stock.

Institutional Trading of International Seaways

Several large investors have recently made changes to their positions in INSW. Pacer Advisors Inc. purchased a new stake in International Seaways during the first quarter worth $17,331,000. Bridgeway Capital Management LLC purchased a new stake in International Seaways during the fourth quarter worth $14,269,000. Vanguard Group Inc. boosted its holdings in International Seaways by 8.4% during the fourth quarter. Vanguard Group Inc. now owns 4,759,119 shares of the transportation company's stock worth $171,043,000 after buying an additional 369,145 shares in the last quarter. Clearbridge Investments LLC purchased a new stake in International Seaways during the fourth quarter worth $11,374,000. Finally, Encompass Capital Advisors LLC purchased a new stake in International Seaways during the first quarter worth $9,957,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

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.