International Seaways (NYSE:INSW) Shares Gap Up – What’s Next?

International Seaways, Inc. (NYSE:INSW)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $38.17, but opened at $40.60. International Seaways shares last traded at $41.18, with a volume of 281,591 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on INSW. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Stifel Nicolaus cut International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the stock from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group lowered their price target on International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, International Seaways has an average rating of “Moderate Buy” and an average price target of $60.67.

International Seaways Stock Performance

The business’s 50 day simple moving average is $38.46 and its two-hundred day simple moving average is $47.27. The firm has a market capitalization of $1.99 billion, a PE ratio of 3.92 and a beta of -0.10. 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 (NYSE:INSW) last posted its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.15. The company had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. International Seaways’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.99 earnings per share. Research analysts expect that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were given a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 13.03%. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, December 13th. International Seaways’s payout ratio is 4.64%.

Insiders Place Their Bets

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $41.83, for a total value of $83,660.00. Following the completion of the sale, the chief executive officer now directly owns 151,475 shares of the company’s stock, valued at approximately $6,336,199.25. This represents a 1.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $35.07, for a total transaction of $35,070.00. Following the sale, the senior vice president now owns 49,803 shares in the company, valued at approximately $1,746,591.21. The trade was a 1.97 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,200 shares of company stock worth $346,452. Company insiders own 1.90% of the company’s stock.

Institutional Trading of International Seaways

Hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. bought a new position in International Seaways in the 3rd quarter worth $41,000. EverSource Wealth Advisors LLC boosted its stake in shares of International Seaways by 62.8% in the second quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock worth $44,000 after acquiring an additional 305 shares during the period. Sunbelt Securities Inc. bought a new position in shares of International Seaways in the third quarter worth about $52,000. KBC Group NV grew its position in shares of International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after purchasing an additional 428 shares in the last quarter. Finally, Quarry LP raised its stake in International Seaways by 408.0% during the 2nd quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after purchasing an additional 1,167 shares during the period. 67.29% of the stock is owned by hedge funds and other institutional investors.

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.