International Seaways (NYSE:INSW) Sets New 1-Year High – Here’s Why

International Seaways Inc. (NYSE:INSW) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $98.89 and last traded at $98.7290, with a volume of 45467 shares trading hands. The stock had previously closed at $97.05.

Wall Street Analyst Weigh In

Several brokerages have weighed in on INSW. Jefferies Financial Group upped their target price on International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday. Zacks Research upgraded International Seaways from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. BTIG Research boosted their price target on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Weiss Ratings restated a “buy (b-)” rating on shares of International Seaways in a report on Friday, August 7th. Finally, Pareto Securities lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $88.00.

International Seaways Trading Up 2.2%

The firm has a market capitalization of $4.91 billion, a P/E ratio of 6.33 and a beta of -0.13. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. The company’s fifty day moving average is $87.30 and its 200-day moving average is $78.56.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.55 by $0.36. The company had revenue of $467.29 million during the quarter, compared to analysts’ expectations of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The business’s quarterly revenue was up 138.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.02 earnings per share. As a group, sell-side analysts anticipate that International Seaways Inc. will post 15.89 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be issued a $5.05 dividend. This is an increase from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $20.20 dividend on an annualized basis and a yield of 20.4%. International Seaways’s payout ratio is 3.07%.

Insider Activity at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.34, for a total value of $162,680.00. Following the completion of the sale, the chief executive officer directly owned 177,745 shares of the company’s stock, valued at approximately $14,457,778.30. This represents a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction of $81,680.00. Following the completion of the sale, the chief financial officer owned 101,984 shares in the company, valued at approximately $8,330,053.12. The trade was a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Large investors have recently bought and sold shares of the stock. Bank of America Corp DE acquired a new stake in International Seaways in the 2nd quarter worth $11,833,000. Freestone Grove Partners LP acquired a new position in shares of International Seaways during the second quarter valued at about $1,086,000. Odyssean LLC bought a new stake in shares of International Seaways in the second quarter valued at about $271,000. Man Group plc bought a new stake in shares of International Seaways in the second quarter valued at about $867,000. Finally, Western Wealth Management LLC acquired a new stake in International Seaways during the second quarter worth about $362,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.

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.