International Seaways (NYSE:INSW) Stock Price Down 4.7% - What's Next?

Key Points

• International Seaways shares fell 4.7% to about $94.37 in midday trading, with volume 86% below the average session level.
• The company reported strong quarterly results, earning $5.91 per share versus the $5.55 estimate, while revenue increased 138.9% year over year to $467.29 million. Analysts maintain a “Moderate Buy” consensus, with an average price target of $88.
• International Seaways announced a sharply increased quarterly dividend of $5.05 per share, equivalent to a $20.20 annualized payout and a 21.5% yield. Meanwhile, company insiders sold 5,000 shares over the past three months.

International Seaways Inc. (NYSE:INSW - Get Free Report)'s stock price was down 4.7% during mid-day trading on Wednesday . The stock traded as low as $94.83 and last traded at $94.3660. 79,640 shares were traded during mid-day trading, a decline of 86% from the average session volume of 570,139 shares. The stock had previously closed at $99.05.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of International Seaways in a research note on Friday, August 7th. Pareto Securities lowered International Seaways from a "buy" rating to a "hold" rating in a report on Monday, May 18th. BTIG Research lifted their price target on International Seaways from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Jefferies Financial Group upped their price target on International Seaways from $100.00 to $108.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Finally, Zacks Research cut International Seaways from a "strong-buy" rating to a "hold" rating in a research report on Monday. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $88.00.

International Seaways Stock Performance

The firm's fifty day moving average price is $89.71 and its 200-day moving average price is $80.52. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. The company has a market cap of $4.66 billion, a P/E ratio of 6.00 and a beta of -0.13.

International Seaways (NYSE:INSW - Get Free Report) last released its earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.36. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The business had revenue of $467.29 million during the quarter, compared to analysts' expectations of $406.38 million. During the same quarter last year, the company earned $1.02 earnings per share. The firm's revenue was up 138.9% on a year-over-year basis. As a group, research analysts forecast that International Seaways Inc. will post 15.89 EPS for the current fiscal year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $5.05 dividend. The ex-dividend date is Thursday, September 10th. This represents a $20.20 dividend on an annualized basis and a dividend yield of 21.5%. This is an increase from International Seaways's previous quarterly dividend of $0.12. International Seaways's dividend payout ratio is 3.07%.

Insider Activity at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $98.44, for a total transaction of $196,880.00. Following the sale, the chief executive officer directly owned 173,745 shares in the company, valued at approximately $17,103,457.80. The trade was a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.68, for a total value of $81,680.00. Following the completion of the transaction, the chief financial officer owned 101,984 shares of the company's stock, valued at $8,330,053.12. The trade was a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,000 shares of company stock worth $441,240 in the last three months. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On International Seaways

A number of hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its holdings in International Seaways by 11.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,169 shares of the transportation company's stock valued at $85,000 after purchasing an additional 118 shares during the period. GAMMA Investing LLC raised its holdings in International Seaways by 4.0% in the second quarter. GAMMA Investing LLC now owns 4,606 shares of the transportation company's stock worth $353,000 after purchasing an additional 178 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in International Seaways by 2.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,300 shares of the transportation company's stock worth $452,000 after purchasing an additional 200 shares during the period. ProShare Advisors LLC boosted its position in shares of International Seaways by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 7,825 shares of the transportation company's stock worth $380,000 after purchasing an additional 241 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its position in shares of International Seaways by 1.4% during the fourth quarter. Guggenheim Capital LLC now owns 19,760 shares of the transportation company's stock worth $959,000 after purchasing an additional 275 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company's stock.

About International Seaways

International Seaways, Inc NYSE: INSW is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time­ charter and voyage­ charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes.

Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018.

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