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

International Seaways, Inc. (NYSE:INSW) shares gapped up before the market opened on Tuesday . The stock had previously closed at $33.78, but opened at $36.41. International Seaways shares last traded at $36.63, with a volume of 560,651 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Stifel Nicolaus lowered International Seaways from a “buy” rating to a “hold” rating and dropped their target price for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group lowered their price objective on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s 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 Performance

The firm has a fifty day simple moving average of $41.14 and a 200-day simple moving average of $49.34. 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 company has a market cap of $1.82 billion, a PE ratio of 3.58 and a beta of -0.10.

International Seaways (NYSE:INSW) last released 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. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. During the same quarter last year, the business posted $1.99 EPS. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. On average, research analysts forecast that International Seaways, Inc. will post 7.92 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a yield of 14.25%. This is a boost from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio is currently 4.64%.

Insiders Place Their Bets

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $49.22, for a total value of $98,440.00. Following the transaction, the chief executive officer now directly owns 153,475 shares in the company, valued at approximately $7,554,039.50. This trade represents a 1.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.24, for a total value of $51,240.00. Following the sale, the senior vice president now owns 52,803 shares of the company’s stock, valued at $2,705,625.72. This trade represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,200 shares of company stock valued at $362,622. Insiders own 1.90% of the company’s stock.

Institutional Trading of International Seaways

Several hedge funds and other institutional investors have recently made changes to their positions in INSW. Blue Trust Inc. acquired a new stake in International Seaways in the third quarter valued at about $41,000. EverSource Wealth Advisors LLC boosted its stake in shares of International Seaways by 62.8% in the second 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 in the last quarter. Sunbelt Securities Inc. purchased a new stake in shares of International Seaways in the third quarter valued at approximately $52,000. KBC Group NV grew its holdings in International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after acquiring an additional 428 shares during the period. Finally, Quarry LP lifted its holdings in International Seaways by 408.0% in the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after acquiring an additional 1,167 shares during the period. 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.