International Seaways (NYSE:INSW) Shares Gap Up – Here’s Why

Shares of International Seaways, Inc. (NYSE:INSW) gapped up prior to trading 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.

Analysts Set New Price Targets

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

International Seaways Stock Performance

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 company has a market cap of $2.03 billion, a price-to-earnings ratio of 3.99 and a beta of -0.10. The firm’s 50-day moving average price is $38.52 and its 200 day moving average price is $47.49.

International Seaways (NYSE:INSW) last issued its earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.42 by $0.15. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The company had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. During the same quarter in the previous year, the company posted $1.99 EPS. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. On average, sell-side analysts anticipate that International Seaways, Inc. will post 7.92 EPS for the current year.

International Seaways Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a dividend of $1.32 per share. The ex-dividend date was Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a yield of 12.79%. This is a boost from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio (DPR) is 4.64%.

Insider Activity

In other International Seaways news, SVP Derek G. Solon sold 1,200 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total value of $46,692.00. Following the completion of the sale, the senior vice president now directly owns 45,687 shares in the company, valued at $1,777,681.17. This represents a 2.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $35.07, for a total value of $35,070.00. Following the transaction, the senior vice president now owns 49,803 shares in the company, valued at $1,746,591.21. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,200 shares of company stock valued at $346,452 in the last ninety days. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. lifted its position in International Seaways by 25.7% in the 2nd quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock valued at $73,034,000 after acquiring an additional 252,492 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of International Seaways by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock valued at $48,650,000 after purchasing an additional 38,871 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of International Seaways by 5.3% in the second quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock valued at $52,184,000 after purchasing an additional 44,200 shares in the last quarter. FMR LLC boosted its position in shares of International Seaways by 221.0% during the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after buying an additional 414,610 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in International Seaways by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock valued at $22,205,000 after buying an additional 32,825 shares during the last quarter. 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.