International Seaways (NYSE:INSW) Shares Down 5% – What’s Next?

International Seaways, Inc. (NYSE:INSW)’s share price was down 5% during trading on Thursday . The stock traded as low as $39.54 and last traded at $39.53. Approximately 746,184 shares were traded during trading, a decline of 25% from the average daily volume of 989,218 shares. The stock had previously closed at $41.61.

Analysts Set New Price Targets

INSW has been the subject of a number of research reports. 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 note on Thursday, November 14th. Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and lowered their price target for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.67.

International Seaways Price Performance

The company has a market cap of $1.94 billion, a PE ratio of 3.81 and a beta of -0.10. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a 50 day simple moving average of $38.32 and a 200-day simple moving average of $46.89.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. The business had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The business’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.99 earnings per share. As a group, research analysts predict that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 13.41%. The ex-dividend date was 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 related news, SVP Derek G. Solon sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total value of $46,692.00. Following the sale, the senior vice president now owns 45,687 shares in the company, valued at $1,777,681.17. This represents a 2.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $43.05, for a total transaction of $43,050.00. Following the completion of the transaction, the senior vice president now owns 51,803 shares in the company, valued at approximately $2,230,119.15. This trade represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,200 shares of company stock worth $248,012 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of International Seaways

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of New Jersey Common Pension Fund D purchased a new stake in International Seaways in the second quarter valued at $1,735,000. Federated Hermes Inc. lifted its holdings in shares of International Seaways by 44.0% in the 2nd quarter. Federated Hermes Inc. now owns 102,650 shares of the transportation company’s stock valued at $6,070,000 after buying an additional 31,382 shares during the period. Renaissance Technologies LLC boosted its stake in shares of International Seaways by 5.3% in the second quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock worth $52,184,000 after buying an additional 44,200 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in International Seaways by 100.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 15,033 shares of the transportation company’s stock worth $889,000 after acquiring an additional 7,533 shares during the period. Finally, Seven Eight Capital LP purchased a new position in International Seaways during the second quarter valued at approximately $397,000. 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.