International Seaways (NYSE:INSW) Sees Large Volume Increase

Shares of International Seaways, Inc. (NYSE:INSW) saw an uptick in trading volume on Wednesday . 724,682 shares traded hands during trading, an increase of 32% from the previous session’s volume of 549,768 shares.The stock last traded at $56.78 and had previously closed at $56.77.

Wall Street Analysts Forecast Growth

INSW has been the subject of a number of recent research reports. Stifel Nicolaus raised their target price on International Seaways from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. StockNews.com raised International Seaways from a “hold” rating to a “buy” rating in a report on Thursday, May 9th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of International Seaways from $62.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $63.75.

International Seaways Stock Performance

The company has a quick ratio of 2.72, a current ratio of 2.73 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $2.81 billion, a PE ratio of 5.31 and a beta of -0.06. The company has a 50-day moving average price of $60.53 and a two-hundred day moving average price of $54.92.

International Seaways (NYSE:INSW) last announced its quarterly earnings results on Wednesday, May 8th. The transportation company reported $2.92 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.54. The firm had revenue of $274.40 million for the quarter, compared to analysts’ expectations of $249.12 million. International Seaways had a return on equity of 29.74% and a net margin of 49.88%. The company’s revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.30 earnings per share. Analysts predict that International Seaways, Inc. will post 10.3 EPS for the current fiscal year.

International Seaways Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Wednesday, June 12th were given a dividend of $1.75 per share. This is a positive change from International Seaways’s previous quarterly dividend of $1.20. This represents a $7.00 dividend on an annualized basis and a dividend yield of 12.31%. The ex-dividend date of this dividend was Wednesday, June 12th. International Seaways’s payout ratio is 4.49%.

Insider Activity at International Seaways

In other International Seaways news, CFO Jeffrey Pribor sold 35,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $62.37, for a total value of $2,182,950.00. Following the sale, the chief financial officer now owns 40,849 shares of the company’s stock, valued at approximately $2,547,752.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Jeffrey Pribor sold 35,000 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $62.37, for a total value of $2,182,950.00. Following the transaction, the chief financial officer now owns 40,849 shares of the company’s stock, valued at approximately $2,547,752.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Derek G. Solon sold 1,500 shares of International Seaways stock in a transaction on Friday, May 10th. The stock was sold at an average price of $62.92, for a total transaction of $94,380.00. Following the sale, the senior vice president now directly owns 48,887 shares of the company’s stock, valued at $3,075,970.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,879 shares of company stock valued at $4,342,023. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Hedge funds and other institutional investors have recently modified their holdings of the company. Qube Research & Technologies Ltd boosted its stake in International Seaways by 103.9% in the third quarter. Qube Research & Technologies Ltd now owns 44,250 shares of the transportation company’s stock worth $1,991,000 after buying an additional 22,545 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of International Seaways by 38.1% during the 3rd quarter. American Century Companies Inc. now owns 423,943 shares of the transportation company’s stock valued at $19,077,000 after purchasing an additional 116,923 shares during the last quarter. Vanguard Group Inc. raised its position in International Seaways by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 3,581,058 shares of the transportation company’s stock worth $161,148,000 after purchasing an additional 181,287 shares during the period. Capricorn Fund Managers Ltd bought a new stake in International Seaways in the fourth quarter worth $227,000. Finally, SG Americas Securities LLC boosted its position in International Seaways by 216.8% during the fourth quarter. SG Americas Securities LLC now owns 15,757 shares of the transportation company’s stock valued at $717,000 after buying an additional 10,783 shares during the period. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

About International Seaways

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.