International Seaways (NYSE:INSW) Reaches New 52-Week High – Here’s Why

International Seaways Inc. (NYSE:INSW) reached a new 52-week high during trading on Tuesday . The stock traded as high as $60.83 and last traded at $60.38, with a volume of 412675 shares. The stock had previously closed at $59.65.

Analyst Ratings Changes

A number of brokerages have recently weighed in on INSW. Zacks Research lowered shares of International Seaways from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Pareto Securities upgraded International Seaways from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Tuesday, January 20th. Wall Street Zen raised International Seaways from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of International Seaways in a research report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, International Seaways has an average rating of “Moderate Buy” and an average target price of $57.33.

International Seaways Price Performance

The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 13.75 and a beta of -0.19. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $52.38 and its 200 day moving average is $48.45.

International Seaways (NYSE:INSW) last issued its quarterly earnings data on Thursday, November 6th. The transportation company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.24. International Seaways had a return on equity of 10.13% and a net margin of 28.26%.The company had revenue of $196.39 million for the quarter, compared to analyst estimates of $180.92 million. During the same quarter last year, the company posted $1.57 earnings per share. The business’s quarterly revenue was down 12.8% compared to the same quarter last year. Research analysts anticipate that International Seaways Inc. will post 7.77 EPS for the current fiscal year.

International Seaways Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 23rd. Shareholders of record on Tuesday, December 9th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, December 9th. This represents a $0.48 annualized dividend and a yield of 0.8%. International Seaways’s payout ratio is 10.93%.

Insider Transactions at International Seaways

In other news, SVP Derek G. Solon sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $53.71, for a total transaction of $187,985.00. Following the transaction, the senior vice president directly owned 49,393 shares in the company, valued at approximately $2,652,898.03. This trade represents a 6.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $55.17, for a total transaction of $110,340.00. Following the completion of the sale, the chief executive officer owned 180,421 shares of the company’s stock, valued at approximately $9,953,826.57. This trade represents a 1.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 32,500 shares of company stock valued at $1,732,605 over the last ninety days. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On International Seaways

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in International Seaways by 1.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,903,764 shares of the transportation company’s stock valued at $133,807,000 after acquiring an additional 42,051 shares during the last quarter. American Century Companies Inc. grew its stake in shares of International Seaways by 7.5% in the 3rd quarter. American Century Companies Inc. now owns 1,994,978 shares of the transportation company’s stock valued at $91,929,000 after purchasing an additional 139,868 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of International Seaways by 0.6% in the second quarter. Geode Capital Management LLC now owns 1,006,390 shares of the transportation company’s stock valued at $36,718,000 after purchasing an additional 6,076 shares during the period. Donald Smith & CO. Inc. lifted its holdings in shares of International Seaways by 43.9% during the second quarter. Donald Smith & CO. Inc. now owns 709,036 shares of the transportation company’s stock worth $25,866,000 after purchasing an additional 216,325 shares during the period. Finally, Encompass Capital Advisors LLC grew its position in International Seaways by 33.3% in the 2nd quarter. Encompass Capital Advisors LLC now owns 399,824 shares of the transportation company’s stock valued at $14,586,000 after buying an additional 99,914 shares during the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

About International Seaways

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.