Seven Eight Capital LP Takes Position in International Seaways, Inc. (NYSE:INSW)

Seven Eight Capital LP bought a new position in shares of International Seaways, Inc. (NYSE:INSW) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,716 shares of the transportation company’s stock, valued at approximately $397,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Magnetar Financial LLC acquired a new stake in International Seaways during the first quarter worth approximately $2,604,000. SG Americas Securities LLC raised its stake in International Seaways by 102.1% during the 2nd quarter. SG Americas Securities LLC now owns 21,082 shares of the transportation company’s stock worth $1,247,000 after acquiring an additional 10,652 shares in the last quarter. GeoSphere Capital Management LLC purchased a new stake in International Seaways in the fourth quarter valued at $2,501,000. BNP Paribas Financial Markets boosted its stake in International Seaways by 101.5% in the first quarter. BNP Paribas Financial Markets now owns 34,543 shares of the transportation company’s stock valued at $1,838,000 after acquiring an additional 17,399 shares in the last quarter. Finally, Prevail Innovative Wealth Advisors LLC acquired a new position in International Seaways in the first quarter valued at $1,735,000. 67.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on INSW shares. Stifel Nicolaus upped their target price on International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $66.00 price target on shares of International Seaways in a research report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.75.

International Seaways Stock Down 3.0 %

International Seaways stock opened at $50.24 on Monday. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 4.70 and a beta of -0.07. The company has a current ratio of 3.89, a quick ratio of 3.87 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average of $51.86 and a two-hundred day moving average of $55.35. International Seaways, Inc. has a twelve month low of $40.68 and a twelve month high of $65.94.

International Seaways (NYSE:INSW) last posted its quarterly earnings data on Wednesday, August 7th. The transportation company reported $2.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.13). The firm had revenue of $257.40 million during the quarter, compared to analysts’ expectations of $256.13 million. International Seaways had a net margin of 50.70% and a return on equity of 26.55%. The business’s quarterly revenue was down 11.9% on a year-over-year basis. During the same quarter last year, the business earned $3.12 earnings per share. As a group, research analysts expect that International Seaways, Inc. will post 9.51 earnings per share for the current year.

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.96%. International Seaways’s dividend payout ratio (DPR) is 4.49%.

Insider Buying and Selling

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $50.30, for a total transaction of $100,600.00. Following the transaction, the chief executive officer now owns 155,475 shares in the company, valued at approximately $7,820,392.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $50.30, for a total transaction of $100,600.00. Following the sale, the chief executive officer now directly owns 155,475 shares in the company, valued at approximately $7,820,392.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $58.83, for a total transaction of $58,830.00. Following the completion of the transaction, the chief financial officer now owns 39,849 shares of the company’s stock, valued at approximately $2,344,316.67. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock valued at $660,990 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

International Seaways 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.