Jefferies Financial Group Lowers International Seaways (NYSE:INSW) Price Target to $60.00

International Seaways (NYSE:INSW) had its price objective lowered by Jefferies Financial Group from $66.00 to $60.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the transportation company’s stock.

INSW has been the topic of a number of other reports. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and cut 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Stock Down 3.3 %

INSW opened at $41.23 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.87. International Seaways has a one year low of $41.22 and a one year high of $65.94. The firm has a market capitalization of $2.03 billion, a P/E ratio of 3.98 and a beta of -0.06. The company has a fifty day moving average price of $48.20 and a 200-day moving average price of $53.85.

International Seaways (NYSE:INSW) last announced 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. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The business had revenue of $225.20 million for the quarter, compared to analyst estimates of $208.75 million. During the same period in the prior year, the company earned $1.99 EPS. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. Equities research analysts expect that International Seaways will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed 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 represents a $5.28 dividend on an annualized basis and a dividend yield of 12.81%. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, December 13th. International Seaways’s payout ratio is presently 4.64%.

Insider Activity

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 155,475 shares in the company, valued at approximately $7,820,392.50. The trade was a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Derek G. Solon sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $49.75, for a total transaction of $49,750.00. Following the completion of the transaction, the senior vice president now owns 46,887 shares in the company, valued at $2,332,628.25. This represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,000 shares of company stock valued at $640,120. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On International Seaways

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank increased its position in shares of International Seaways by 7.3% in the first quarter. Swiss National Bank now owns 72,400 shares of the transportation company’s stock valued at $3,852,000 after acquiring an additional 4,900 shares during the period. Headlands Technologies LLC raised its position in International Seaways by 173.4% during the 1st quarter. Headlands Technologies LLC now owns 905 shares of the transportation company’s stock valued at $48,000 after purchasing an additional 574 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in International Seaways by 74.0% in the 1st quarter. Russell Investments Group Ltd. now owns 241,526 shares of the transportation company’s stock worth $12,849,000 after buying an additional 102,724 shares during the period. ProShare Advisors LLC grew its position in shares of International Seaways by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 7,303 shares of the transportation company’s stock worth $389,000 after buying an additional 574 shares during the last quarter. Finally, Entropy Technologies LP increased its stake in shares of International Seaways by 109.7% during the first quarter. Entropy Technologies LP now owns 15,288 shares of the transportation company’s stock valued at $813,000 after buying an additional 7,998 shares during the period. 67.29% of the stock is currently owned by institutional investors.

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.