International Seaways (NYSE:INSW) Shares Gap Down on Insider Selling

Shares of International Seaways, Inc. (NYSE:INSW) gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $39.37, but opened at $38.53. International Seaways shares last traded at $38.51, with a volume of 129,955 shares traded.

Specifically, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Monday, January 15th. The stock was sold at an average price of $41.28, for a total value of $82,560.00. Following the transaction, the chief executive officer now owns 147,045 shares of the company’s stock, valued at $6,070,017.60. This represents a 1.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on INSW. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Jefferies Financial Group lowered their price objective on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Finally, Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and dropped their target price for the stock from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $60.67.

International Seaways Stock Down 2.2 %

The firm has a market cap of $1.89 billion, a P/E ratio of 3.72 and a beta of -0.10. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $38.23 and a 200-day moving average price of $46.84.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. The company had revenue of $225.20 million during the quarter, compared to analyst estimates of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.99 earnings per share. On average, equities analysts forecast that International Seaways, Inc. will post 7.92 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were issued a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 13.71%. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date was Friday, December 13th. International Seaways’s dividend payout ratio (DPR) is presently 4.64%.

Institutional Trading of International Seaways

Hedge funds have recently bought and sold shares of the stock. FMR LLC increased its holdings in shares of International Seaways by 221.0% in the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after acquiring an additional 414,610 shares during the period. Millennium Management LLC purchased a new position in International Seaways in the second quarter valued at about $21,875,000. Barclays PLC grew its stake in International Seaways by 206.3% in the third quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after purchasing an additional 174,695 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in International Seaways in the second quarter worth about $8,781,000. Finally, Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of International Seaways during the third quarter valued at about $6,168,000. Hedge funds and other institutional investors own 67.29% of the company’s stock.

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.