International Seaways (NYSE:INSW) Stock Price Down 4.1% – Here’s Why

International Seaways, Inc. (NYSE:INSW) traded down 4.1% during mid-day trading on Friday . The company traded as low as $35.85 and last traded at $35.49. 103,808 shares were traded during trading, a decline of 90% from the average session volume of 1,019,570 shares. The stock had previously closed at $37.00.

Analyst Ratings Changes

Several brokerages have recently weighed in on INSW. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Jefferies Financial Group cut their price target 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, Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Two equities research 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.67.

International Seaways Stock Performance

The firm’s fifty day moving average price is $37.83 and its 200-day moving average price is $46.13. The company has a market cap of $1.76 billion, a P/E ratio of 3.45 and a beta of -0.10. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32.

International Seaways (NYSE:INSW) last released its earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. The business had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period last year, the business earned $1.99 earnings per share. As a group, research analysts forecast that International Seaways, Inc. will post 8.14 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a yield of 14.72%. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is currently 4.64%.

Insider Buying and Selling at International Seaways

In other International Seaways news, SVP Derek G. Solon sold 1,200 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $38.91, for a total value of $46,692.00. Following the transaction, the senior vice president now directly owns 45,687 shares in the company, valued at $1,777,681.17. The trade was a 2.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 51,803 shares of the company’s stock, valued at approximately $2,230,119.15. The trade was a 1.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,200 shares of company stock valued at $248,012 in the last 90 days. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On International Seaways

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. acquired a new stake in International Seaways in the third quarter worth about $41,000. EverSource Wealth Advisors LLC increased its stake in shares of International Seaways by 62.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock valued at $44,000 after acquiring an additional 305 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in International Seaways in the third quarter valued at approximately $52,000. KBC Group NV raised its holdings in International Seaways by 65.2% in 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 during the period. Finally, R Squared Ltd bought a new stake in shares of International Seaways in the fourth quarter valued at about $59,000. 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.