CastleKnight Management LP Has $2.80 Million Holdings in International Seaways Inc. $INSW

CastleKnight Management LP reduced its stake in shares of International Seaways Inc. (NYSE:INSW) by 26.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,650 shares of the transportation company’s stock after selling 21,100 shares during the quarter. CastleKnight Management LP owned 0.12% of International Seaways worth $2,799,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. First Horizon Corp raised its stake in International Seaways by 121.6% during the 4th quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 377 shares during the last quarter. Leonteq Securities AG acquired a new position in International Seaways during the 4th quarter valued at $44,000. Founders Capital Management raised its stake in International Seaways by 37.5% during the 4th quarter. Founders Capital Management now owns 1,100 shares of the transportation company’s stock valued at $53,000 after purchasing an additional 300 shares during the last quarter. Advisory Services Network LLC acquired a new position in International Seaways during the 3rd quarter valued at $53,000. Finally, Sunbelt Securities Inc. acquired a new position in International Seaways during the 3rd quarter valued at $64,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on INSW. Jefferies Financial Group reiterated a “buy” rating and set a $100.00 target price on shares of International Seaways in a research note on Friday, May 8th. Pareto Securities cut shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Deutsche Bank Aktiengesellschaft upped their target price on shares of International Seaways from $63.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, March 9th. BTIG Research increased their price objective on shares of International Seaways from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Finally, Benchmark restated a “buy” rating on shares of International Seaways in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, International Seaways presently has an average rating of “Buy” and a consensus price target of $83.50.

International Seaways Trading Down 0.6%

Shares of INSW stock opened at $81.51 on Thursday. International Seaways Inc. has a 52-week low of $36.03 and a 52-week high of $92.66. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 7.42 and a beta of -0.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 7.28 and a current ratio of 7.34. The firm has a fifty day moving average of $81.02 and a 200-day moving average of $67.67.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $1.03. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The company had revenue of $325.48 million during the quarter, compared to analysts’ expectations of $279.34 million. During the same quarter in the prior year, the company posted $0.80 EPS. The business’s revenue was up 77.5% on a year-over-year basis. On average, equities research analysts forecast that International Seaways Inc. will post 14.99 earnings per share for the current fiscal year.

International Seaways Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be paid a $0.12 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. International Seaways’s dividend payout ratio is currently 4.37%.

Insider Buying and Selling at International Seaways

In related news, CEO Lois K. Zabrocky sold 25,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $88.08, for a total transaction of $2,202,000.00. Following the completion of the sale, the chief executive officer owned 181,745 shares in the company, valued at $16,008,099.60. This trade represents a 12.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction of $81,680.00. Following the sale, the chief financial officer owned 101,984 shares of the company’s stock, valued at $8,330,053.12. This trade represents a 0.97% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 45,530 shares of company stock worth $3,923,635. Corporate insiders own 1.70% of the company’s stock.

International Seaways Profile

International Seaways, Inc (NYSE: INSW) is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time­ charter and voyage­ charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes.

Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018.