International Seaways (NYSE:INSW) Shares Gap Down After Insider Selling

International Seaways, Inc. (NYSE:INSWGet Free Report)’s share price gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $39.37, but opened at $38.53. International Seaways shares last traded at $38.51, with a volume of 129,955 shares.

Specifically, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, January 15th. The stock was sold at an average price of $41.28, for a total transaction of $82,560.00. Following the completion of the sale, the chief executive officer now directly owns 147,045 shares of the company’s stock, valued at approximately $6,070,017.60. This represents a 1.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

INSW has been the topic of a number of research reports. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Jefferies Financial Group lowered their price objective on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and reduced their target price for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Two investment 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, International Seaways presently has an average rating of “Moderate Buy” and an average price target of $60.67.

Read Our Latest Report on International Seaways

International Seaways Stock Down 2.3 %

The firm has a fifty day moving average of $38.14 and a 200-day moving average of $46.69. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.89 billion, a P/E ratio of 3.72 and a beta of -0.10.

International Seaways (NYSE:INSWGet Free Report) last posted its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping 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 firm 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 firm posted $1.99 earnings per share. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. On average, equities research analysts anticipate that International Seaways, Inc. will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were paid a dividend of $1.32 per share. 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 13.72%. The ex-dividend date of this dividend was Friday, December 13th. International Seaways’s payout ratio is currently 4.64%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Blue Trust Inc. acquired a new stake in International Seaways during the 3rd quarter valued at $41,000. EverSource Wealth Advisors LLC raised its position in shares of International Seaways by 62.8% in the second quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock valued at $44,000 after purchasing an additional 305 shares during the period. Sunbelt Securities Inc. bought a new position in shares of International Seaways in the third quarter valued at about $52,000. KBC Group NV lifted its stake in shares of International Seaways by 65.2% during the 3rd quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after buying an additional 428 shares during the last quarter. Finally, Quarry LP boosted its holdings in shares of International Seaways by 408.0% during the 2nd quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock worth $86,000 after buying an additional 1,167 shares during the period. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Company Profile

(Get Free Report)

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.

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