International Seaways (NYSE:INSW) Shares Down 5% After Insider Selling

International Seaways, Inc. (NYSE:INSW) shares were down 5% during trading on Thursday following insider selling activity. The company traded as low as $39.54 and last traded at $39.53. Approximately 746,184 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 989,218 shares. The stock had previously closed at $41.61.

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

Analysts Set New Price Targets

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

International Seaways Trading Down 2.3 %

The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The business’s 50 day moving average price is $38.14 and its 200-day moving average price is $46.69. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 3.72 and a beta of -0.10.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.15. The firm had revenue of $225.20 million for 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 firm posted $1.99 earnings per share. Equities analysts expect that International Seaways, Inc. will post 7.92 EPS for the current year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a dividend of $1.32 per share. 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. This represents a $5.28 annualized dividend and a yield of 13.72%. International Seaways’s payout ratio is presently 4.64%.

Institutional Trading of International Seaways

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

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.