Empowered Funds LLC Lowers Position in International Seaways, Inc. (NYSE:INSW)

Empowered Funds LLC cut its stake in International Seaways, Inc. (NYSE:INSW) by 69.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,836 shares of the transportation company’s stock after selling 106,601 shares during the quarter. Empowered Funds LLC owned 0.10% of International Seaways worth $2,466,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. EdgeRock Capital LLC purchased a new stake in shares of International Seaways in the second quarter worth approximately $28,000. EverSource Wealth Advisors LLC purchased a new stake in shares of International Seaways during the first quarter valued at approximately $27,000. Blue Trust Inc. purchased a new stake in shares of International Seaways during the third quarter valued at approximately $41,000. KBC Group NV increased 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 valued at $56,000 after acquiring an additional 428 shares during the last quarter. Finally, Quarry LP increased its position 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 last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on INSW. StockNews.com downgraded International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Stifel Nicolaus downgraded International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the company from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Jefferies Financial Group decreased their target price on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

Insider Transactions at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $43.05, for a total transaction of $43,050.00. Following the completion of the sale, the senior vice president now owns 51,803 shares of the company’s stock, valued at approximately $2,230,119.15. This trade represents a 1.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction on Friday, November 15th. The shares were sold at an average price of $41.83, for a total value of $83,660.00. Following the sale, the chief executive officer now directly owns 151,475 shares of the company’s stock, valued at $6,336,199.25. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,000 shares of company stock valued at $723,780 over the last three months. Company insiders own 1.90% of the company’s stock.

International Seaways Stock Performance

NYSE:INSW opened at $41.98 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The business has a fifty day simple moving average of $47.93 and a two-hundred day simple moving average of $53.65. International Seaways, Inc. has a 1 year low of $41.22 and a 1 year high of $65.94. The company has a market capitalization of $2.06 billion, a P/E ratio of 4.06 and a beta of -0.06.

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

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $1.32 dividend. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 dividend on an annualized basis and a dividend yield of 12.58%. The ex-dividend date of this dividend is Friday, December 13th. International Seaways’s dividend payout ratio (DPR) is presently 4.64%.

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.