International Seaways (NYSE:INSW) Trading Up 6.7% – Time to Buy?

Shares of International Seaways, Inc. (NYSE:INSW) shot up 6.7% on Monday . The stock traded as high as $30.69 and last traded at $30.69. 131,135 shares were traded during trading, a decline of 82% from the average session volume of 720,732 shares. The stock had previously closed at $28.76.

Wall Street Analysts Forecast Growth

INSW has been the subject of several recent analyst reports. Jefferies Financial Group restated a “buy” rating and issued a $58.00 price target on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 price objective on International Seaways in a research report on Friday, January 24th. Two 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.50.

International Seaways Price Performance

The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 3.06 and a beta of -0.01. The company has a 50 day simple moving average of $35.69 and a 200-day simple moving average of $39.88. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Friday, March 14th. International Seaways’s payout ratio is 5.72%.

Insider Transactions at International Seaways

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $34.66, for a total transaction of $69,320.00. Following the sale, the chief executive officer now owns 179,557 shares in the company, valued at approximately $6,223,445.62. This represents a 1.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $39.10, for a total value of $39,100.00. Following the completion of the transaction, the senior vice president now owns 48,803 shares of the company’s stock, valued at approximately $1,908,197.30. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,400 shares of company stock valued at $321,856 in the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On International Seaways

A number of institutional investors and hedge funds have recently made changes to their positions in INSW. Glenorchy Capital Ltd increased its holdings in International Seaways by 0.6% during the fourth quarter. Glenorchy Capital Ltd now owns 50,328 shares of the transportation company’s stock worth $1,809,000 after buying an additional 322 shares during the last quarter. Bfsg LLC increased its stake in shares of International Seaways by 14.9% during the 4th quarter. Bfsg LLC now owns 2,748 shares of the transportation company’s stock worth $99,000 after purchasing an additional 357 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of International Seaways by 3.6% in the 4th quarter. Farther Finance Advisors LLC now owns 10,444 shares of the transportation company’s stock valued at $375,000 after purchasing an additional 360 shares during the period. Franklin Resources Inc. lifted its stake in International Seaways by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company’s stock valued at $2,428,000 after purchasing an additional 379 shares during the last quarter. Finally, DMC Group LLC grew its holdings in International Seaways by 9.9% during the fourth quarter. DMC Group LLC now owns 5,974 shares of the transportation company’s stock worth $215,000 after purchasing an additional 540 shares during the period. Institutional investors 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.