International Seaways (NYSE:INSW) Shares Up 7.1% – Still a Buy?

International Seaways, Inc. (NYSE:INSW) rose 7.1% during trading on Tuesday . The stock traded as high as $38.00 and last traded at $37.91. Approximately 232,969 shares were traded during trading, a decline of 64% from the average daily volume of 646,482 shares. The stock had previously closed at $35.41.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and lowered their target price for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group dropped their price objective 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. Two investment 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. According to data from MarketBeat.com, International Seaways presently has an average rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Stock Performance

The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 3.69 and a beta of -0.10. The stock’s 50 day moving average is $38.74 and its 200 day moving average is $47.62.

International Seaways (NYSE:INSW) last released its quarterly 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 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 business earned $1.99 earnings per share. The company’s quarterly revenue was down 6.8% on a year-over-year basis. On average, analysts predict 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 was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a dividend of $1.32 per share. This is an increase from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date was Friday, December 13th. This represents a $5.28 annualized dividend and a yield of 13.84%. International Seaways’s dividend payout ratio (DPR) is presently 4.64%.

Insider Activity

In other news, SVP Derek G. Solon sold 1,200 shares of International Seaways stock in a transaction on 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 owns 45,687 shares of the company’s stock, valued at $1,777,681.17. The trade was a 2.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $43.05, for a total value of $43,050.00. Following the completion of the transaction, the senior vice president now owns 51,803 shares of the company’s stock, valued at $2,230,119.15. The trade was a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,200 shares of company stock worth $346,452 over the last three months. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of International Seaways

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in shares of International Seaways by 221.0% during the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after acquiring an additional 414,610 shares during the period. Millennium Management LLC purchased a new position in International Seaways during the second quarter worth approximately $21,875,000. American Century Companies Inc. boosted its holdings in shares of 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 purchasing an additional 252,492 shares during the last quarter. Barclays PLC grew its stake in shares of International Seaways by 206.3% during the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after buying an additional 174,695 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in International Seaways during the second quarter valued at about $8,781,000. Hedge funds and other institutional investors 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.