Insider Selling: International Seaways, Inc. (NYSE:INSW) SVP Sells 1,000 Shares of Stock

International Seaways, Inc. (NYSE:INSW) SVP William F. Nugent sold 1,000 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total value of $35,070.00. Following the completion of the sale, the senior vice president now owns 49,803 shares of the company’s stock, valued at $1,746,591.21. The trade was a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

International Seaways Price Performance

Shares of INSW stock traded up $0.31 on Thursday, hitting $36.25. 732,448 shares of the stock traded hands, compared to its average volume of 629,361. The firm has a 50 day simple moving average of $39.41 and a two-hundred day simple moving average of $48.28. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. International Seaways, Inc. has a 52 week low of $32.11 and a 52 week high of $65.94. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 3.50 and a beta of -0.10.

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

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a $1.32 dividend. The ex-dividend date was Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 14.57%. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is presently 4.64%.

Wall Street Analyst Weigh In

INSW has been the topic of a number of recent research reports. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and cut 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 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. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, International Seaways has a consensus rating of “Moderate Buy” and an average price target of $60.67.

Hedge Funds Weigh In On International Seaways

Several hedge funds have recently modified their holdings of INSW. Blue Trust Inc. purchased a new position in International Seaways in the third quarter valued at $41,000. EverSource Wealth Advisors LLC boosted its position in shares of 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 purchasing an additional 305 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of International Seaways in the third quarter valued at $52,000. KBC Group NV lifted 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 boosted its stake in shares of International Seaways by 408.0% in the second 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. Institutional investors and hedge funds own 67.29% of the company’s stock.

About International Seaways

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.