International Seaways (NYSE:INSW) Reaches New 1-Year Low – Here’s What Happened

International Seaways, Inc. (NYSE:INSW)’s share price hit a new 52-week low on Wednesday . The company traded as low as $36.36 and last traded at $36.43, with a volume of 82688 shares traded. The stock had previously closed at $37.23.

Analysts Set New Price Targets

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

International Seaways Trading Up 0.5 %

The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average is $43.79 and its 200-day moving average is $51.01. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 3.47 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 during the quarter, compared to analyst estimates of $208.75 million. During the same period in the prior year, the business posted $1.99 earnings per share. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. Research analysts anticipate that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 15.12%. The ex-dividend date is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is 4.64%.

Insider Transactions at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $50.30, for a total value 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. This trade represents a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction on Friday, November 29th. The shares were sold at an average price of $39.54, for a total value of $39,540.00. Following the completion of the transaction, the senior vice president now owns 50,803 shares of the company’s stock, valued at approximately $2,008,750.62. This trade represents a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,200 shares of company stock worth $463,222 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. EdgeRock Capital LLC purchased a new position in shares of International Seaways in the 2nd quarter valued at about $28,000. Blue Trust Inc. purchased a new position in International Seaways in the third quarter valued at approximately $41,000. EverSource Wealth Advisors LLC raised its holdings in International Seaways by 62.8% during the second quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock worth $44,000 after purchasing an additional 305 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in shares of International Seaways during the 3rd quarter worth approximately $52,000. Finally, KBC Group NV boosted its holdings in shares of International Seaways by 65.2% in the 3rd 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 in the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

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.