International Seaways (NYSE:INSW) Shares Up 7.1% – Here’s What Happened

International Seaways, Inc. (NYSE:INSW) rose 7.1% on Tuesday . The stock traded as high as $38.00 and last traded at $37.91. Approximately 232,969 shares traded hands during trading, a decline of 64% from the average daily volume of 646,482 shares. The stock had previously closed at $35.41.

Wall Street Analysts Forecast Growth

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

International Seaways Stock Down 0.6 %

The firm has a 50-day moving average price of $38.74 and a two-hundred day moving average price of $47.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 3.69 and a beta of -0.10.

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. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The company had revenue of $225.20 million for the quarter, compared to analysts’ expectations of $208.75 million. During the same quarter last year, the company earned $1.99 earnings per share. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. On average, sell-side analysts forecast that International Seaways, Inc. will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were given a $1.32 dividend. The ex-dividend date was Friday, December 13th. This is a boost from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 dividend on an annualized basis and a yield of 13.84%. International Seaways’s payout ratio is 4.64%.

Insiders Place Their Bets

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $49.22, for a total transaction of $98,440.00. Following the completion of the sale, the chief executive officer now owns 153,475 shares in the company, valued at $7,554,039.50. This represents a 1.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Derek G. Solon sold 1,200 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total transaction of $46,692.00. Following the transaction, the senior vice president now directly owns 45,687 shares in the company, valued at $1,777,681.17. The trade was a 2.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,200 shares of company stock valued at $346,452. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On International Seaways

Institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new position in shares of International Seaways in the 3rd quarter valued at approximately $41,000. EverSource Wealth Advisors LLC grew its position in International Seaways by 62.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock valued at $44,000 after buying an additional 305 shares during the last quarter. Sunbelt Securities Inc. acquired a new position in International Seaways in the 3rd quarter valued at $52,000. KBC Group NV increased its stake in International Seaways by 65.2% in the 3rd quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock valued at $56,000 after buying an additional 428 shares during the period. Finally, Quarry LP raised its position in International Seaways by 408.0% during the 2nd quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock worth $86,000 after buying an additional 1,167 shares during the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

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.