International Seaways (NYSE:INSW) Trading 5.9% Higher - Here's Why

Key Points

• International Seaways' shares increased by 5.9% during mid-day trading, reaching a last trading price of $49.90, despite a significant decrease in trading volume compared to average levels.
• BTIG Research recently lowered the target price for the stock from $70.00 to $60.00, maintaining a "buy" rating with an average consensus target price of $53.50 from analysts.
• The company announced a quarterly dividend of $0.12 per share, representing a 1.0% yield, with shareholders of record set to receive it on September 24th.

International Seaways Inc. (NYSE:INSW - Get Free Report) shares were up 5.9% during mid-day trading on Monday . The stock traded as high as $49.16 and last traded at $49.90. Approximately 59,822 shares were traded during trading, a decline of 92% from the average daily volume of 738,014 shares. The stock had previously closed at $47.11.

Analyst Ratings Changes

Separately, BTIG Research lowered their target price on shares of International Seaways from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $53.50.

International Seaways Stock Performance

The company has a market cap of $2.35 billion, a P/E ratio of 9.90 and a beta of 0.08. The business's 50 day simple moving average is $43.35 and its 200 day simple moving average is $38.35. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

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

International Seaways Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 10th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, September 10th. International Seaways's dividend payout ratio (DPR) is 9.98%.

Insider Buying and Selling at International Seaways

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $48.27, for a total transaction of $48,270.00. Following the completion of the sale, the chief financial officer directly owned 63,502 shares of the company's stock, valued at $3,065,241.54. This trade represents a 1.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $49.08, for a total transaction of $98,160.00. Following the sale, the chief executive officer directly owned 188,771 shares of the company's stock, valued at approximately $9,264,880.68. This trade represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,000 shares of company stock worth $836,770. Insiders own 2.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INSW. GAMMA Investing LLC grew its holdings in shares of International Seaways by 105.1% in the first quarter. GAMMA Investing LLC now owns 1,163 shares of the transportation company's stock valued at $39,000 after purchasing an additional 596 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of International Seaways by 87.3% during the first quarter. Blue Trust Inc. now owns 1,583 shares of the transportation company's stock valued at $53,000 after purchasing an additional 738 shares during the period. Picton Mahoney Asset Management purchased a new stake in shares of International Seaways during the first quarter valued at $55,000. EverSource Wealth Advisors LLC boosted its stake in shares of International Seaways by 601.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,508 shares of the transportation company's stock valued at $55,000 after purchasing an additional 1,293 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in shares of International Seaways by 550.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,822 shares of the transportation company's stock valued at $60,000 after purchasing an additional 1,542 shares during the period. 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.