International Seaways (NYSE:INSW) Shares Gap Down - Here's What Happened

Key Points

• International Seaways shares fell 3.2%, opening at $104.71 versus the prior close of $109.10, despite a consensus “Moderate Buy” analyst rating and a $102.25 price target.
• The company reported strong quarterly results, with EPS of $5.91 and revenue of $467.29 million, up 138.9% year over year and above analyst expectations.
• International Seaways increased its quarterly dividend to $5.05, implying a 19.1% yield, although its 129.16% payout ratio exceeds current earnings.

International Seaways Inc. (NYSE:INSW - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $109.10, but opened at $104.71. International Seaways shares last traded at $105.6850, with a volume of 177,524 shares.

Analyst Upgrades and Downgrades

A number of research firms have commented on INSW. Jefferies Financial Group upped their price target on International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. BTIG Research lifted their price objective on International Seaways from $100.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday. Zacks Research cut International Seaways from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $107.00 price target on shares of International Seaways in a report on Tuesday, September 1st. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of International Seaways in a research report on Friday, August 7th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.25.

International Seaways Trading Down 3.2%

The firm has a market capitalization of $5.23 billion, a PE ratio of 6.73, a P/E/G ratio of 0.29 and a beta of -0.13. The firm has a 50 day simple moving average of $97.29 and a 200 day simple moving average of $85.49. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27.

International Seaways (NYSE:INSW - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.55 by $0.36. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The firm had revenue of $467.29 million for the quarter, compared to the consensus estimate of $406.38 million. During the same period last year, the business posted $1.02 EPS. The company's revenue for the quarter was up 138.9% on a year-over-year basis. Equities analysts expect that International Seaways Inc. will post 16.09 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a $5.05 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $20.20 annualized dividend and a yield of 19.1%. This is an increase from International Seaways's previous quarterly dividend of $0.12. International Seaways's payout ratio is currently 129.16%.

Insider Transactions at International Seaways

In other International Seaways news, CEO Lois Zabrocky sold 2,000 shares of the firm's stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $108.01, for a total transaction of $216,020.00. Following the sale, the chief executive officer directly owned 171,745 shares of the company's stock, valued at $18,550,177.45. This trade represents a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.70% of the company's stock.

Institutional Trading of International Seaways

Institutional investors have recently made changes to their positions in the business. Tidal Investments LLC grew its holdings in International Seaways by 59.3% during the 2nd quarter. Tidal Investments LLC now owns 51,034 shares of the transportation company's stock valued at $3,909,000 after buying an additional 18,996 shares in the last quarter. Arlington Capital Management Inc. bought a new stake in shares of International Seaways during the second quarter valued at approximately $219,000. Engineers Gate Manager LP lifted its holdings in shares of International Seaways by 43.8% in the second quarter. Engineers Gate Manager LP now owns 13,375 shares of the transportation company's stock worth $1,024,000 after buying an additional 4,075 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of International Seaways in the second quarter worth $92,000. Finally, NewEdge Advisors LLC grew its stake in International Seaways by 14.2% during the second quarter. NewEdge Advisors LLC now owns 11,164 shares of the transportation company's stock valued at $855,000 after acquiring an additional 1,390 shares in the last quarter. Hedge funds and other institutional investors own 67.29% of the company's stock.

About International Seaways

International Seaways, Inc is a maritime transportation company that owns and operates oceangoing vessels used to transport crude oil, refined petroleum products and other liquid bulk cargoes. Its fleet includes crude oil tankers and product carriers serving energy companies, commodity traders and other customers in international shipping markets.

The company's vessels operate on routes connecting major oil-producing, refining and consuming regions around the world. International Seaways generates revenue through a combination of time-charter arrangements, voyage charters and other commercial agreements, allowing customers to use its ships for the global movement of energy products.

International Seaways became an independent public company in 2016 through a separation from Overseas Shipholding Group.

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