International Seaways (NYSE:INSW) Shares Gap Up – Here’s What Happened

International Seaways, Inc. (NYSE:INSW)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $33.78, but opened at $36.41. International Seaways shares last traded at $36.63, with a volume of 560,651 shares traded.

Analyst Upgrades and Downgrades

Several research firms have issued reports on INSW. Stifel Nicolaus lowered International Seaways from a “buy” rating to a “hold” rating and dropped their price objective for the company from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Jefferies Financial Group dropped their price target on International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Finally, Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.67.

International Seaways Stock Up 9.3 %

The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 3.57 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. The firm’s 50-day moving average price is $40.91 and its 200 day moving average price is $49.17.

International Seaways (NYSE:INSW) last issued its earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.42 by $0.15. The firm had revenue of $225.20 million during 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 business’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.99 earnings per share. On average, 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. Stockholders of record on Friday, December 13th will be issued a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a dividend yield of 14.30%. International Seaways’s dividend payout ratio is 4.64%.

Insider Activity at International Seaways

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $49.22, for a total transaction of $98,440.00. Following the sale, the chief executive officer now directly owns 153,475 shares of the company’s stock, valued at $7,554,039.50. The trade was a 1.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $43.05, for a total transaction of $43,050.00. Following the transaction, the senior vice president now directly owns 51,803 shares of the company’s stock, valued at $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 a total of 8,200 shares of company stock valued at $362,622 in the last 90 days. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On International Seaways

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kingsview Wealth Management LLC acquired a new stake in International Seaways during the 3rd quarter worth about $2,161,000. Charles Schwab Investment Management Inc. grew its stake in International Seaways by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock worth $22,205,000 after purchasing an additional 32,825 shares during the period. Barclays PLC increased its holdings in International Seaways by 206.3% in the third quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock worth $13,374,000 after purchasing an additional 174,695 shares in the last quarter. FMR LLC lifted its stake in International Seaways by 221.0% in the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after buying an additional 414,610 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of International Seaways by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock worth $48,650,000 after buying an additional 38,871 shares in the last quarter. Institutional investors and hedge funds 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.