International Seaways (NYSE:INSW) Price Target Cut to $60.00 by Analysts at Jefferies Financial Group

International Seaways (NYSE:INSW) had its price target cut by Jefferies Financial Group from $66.00 to $60.00 in a report published on Thursday,Benzinga reports. They currently have a buy rating on the transportation company’s stock.

A number of other analysts have also recently weighed in on the stock. Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the stock from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Finally, StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Stock Down 1.6 %

NYSE INSW traded down $0.69 on Thursday, hitting $41.95. 167,300 shares of the stock were exchanged, compared to its average volume of 579,357. The company has a quick ratio of 3.87, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. International Seaways has a fifty-two week low of $41.50 and a fifty-two week high of $65.94. The company has a market cap of $2.06 billion, a PE ratio of 4.12 and a beta of -0.06. The company has a 50-day moving average price of $48.51 and a 200-day moving average price of $54.04.

International Seaways (NYSE:INSW) last issued its earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.15. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The business had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. During the same quarter in the prior year, the business posted $1.99 EPS. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. Sell-side analysts anticipate that International Seaways will post 7.93 EPS for the current fiscal year.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 12.59%. The ex-dividend date is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is currently 4.64%.

Insider Activity

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $50.30, for a total transaction of $100,600.00. Following the sale, the chief executive officer now directly owns 155,475 shares of the company’s stock, valued at $7,820,392.50. This trade represents a 1.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $51.19, for a total transaction of $51,190.00. Following the sale, the senior vice president now directly owns 53,803 shares in the company, valued at $2,754,175.57. This represents a 1.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock worth $640,120 in the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On International Seaways

Several hedge funds have recently modified their holdings of the stock. FMR LLC raised its holdings in International Seaways by 221.0% in the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after buying an additional 414,610 shares during the period. Millennium Management LLC purchased a new stake in shares of International Seaways during the second quarter valued at approximately $21,875,000. Vanguard Group Inc. raised its stake in shares of International Seaways by 7.7% during the first quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock valued at $212,074,000 after purchasing an additional 286,295 shares during the period. American Century Companies Inc. raised its stake in shares of International Seaways by 25.7% during the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock valued at $73,034,000 after purchasing an additional 252,492 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of International Seaways during the second quarter valued at approximately $8,781,000. 67.29% of the stock is owned by institutional investors and hedge funds.

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.