International Seaways (NYSE:INSW) Shares Gap Down on Insider Selling

International Seaways, Inc. (NYSE:INSW) gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $39.37, but opened at $38.53. International Seaways shares last traded at $38.51, with a volume of 129,955 shares trading hands.

Specifically, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Monday, January 15th. The stock was sold at an average price of $41.28, for a total value of $82,560.00. Following the sale, the chief executive officer now directly owns 147,045 shares in the company, valued at $6,070,017.60. This represents a 1.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Jefferies Financial Group cut their price objective on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and reduced their price target for the company from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. 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 stock. According to MarketBeat, International Seaways has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Stock Performance

The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 3.72 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. The firm has a fifty day simple moving average of $38.14 and a 200-day simple moving average of $46.69.

International Seaways (NYSE:INSW) last released its earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. The company had revenue of $225.20 million during the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 earnings per share. Analysts forecast that International Seaways, Inc. will post 7.92 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were paid a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 13.72%. The ex-dividend date was Friday, December 13th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is 4.64%.

Institutional Investors Weigh In On International Seaways

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