International Seaways (NYSE:INSW) Sets New 1-Year Low – Here’s What Happened

International Seaways, Inc. (NYSE:INSW) hit a new 52-week low during trading on Tuesday . The company traded as low as $33.15 and last traded at $33.32, with a volume of 49770 shares changing hands. The stock had previously closed at $33.95.

Analysts Set New Price Targets

A number of research firms have recently weighed in on INSW. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and decreased their target price for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, 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. Two 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Price Performance

The stock has a market cap of $1.63 billion, a P/E ratio of 3.28 and a beta of -0.10. 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’s fifty day moving average price is $43.02 and its 200 day moving average price is $50.40.

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

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $1.32 dividend. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a yield of 15.95%. The ex-dividend date is Friday, December 13th. International Seaways’s payout ratio is 4.64%.

Insider Activity

In related news, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.24, for a total transaction of $51,240.00. Following the completion of the sale, the senior vice president now owns 52,803 shares in the company, valued at approximately $2,705,625.72. This represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $49.22, for a total transaction of $98,440.00. Following the sale, the chief executive officer now owns 153,475 shares of the company’s stock, valued at $7,554,039.50. This trade represents a 1.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,200 shares of company stock worth $362,622 in the last three months. Company insiders own 1.90% of the company’s stock.

Institutional Trading of International Seaways

Hedge funds and other institutional investors have recently modified their holdings of the business. American Century Companies Inc. grew its holdings in shares of International Seaways by 25.7% during the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after purchasing an additional 252,492 shares in the last quarter. Geode Capital Management LLC raised its position in International Seaways by 4.3% during 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 last quarter. Renaissance Technologies LLC lifted its stake in International Seaways by 5.3% in the second quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock worth $52,184,000 after acquiring an additional 44,200 shares during the period. Victory Capital Management Inc. increased its position in International Seaways by 4.1% during the 2nd quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company’s stock valued at $50,482,000 after purchasing an additional 33,712 shares during the period. Finally, FMR LLC lifted its position in shares of International Seaways by 221.0% in the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock worth $31,050,000 after purchasing an additional 414,610 shares during the period. 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.