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

International Seaways, Inc. (NYSE:INSW - Get Free Report)'s share price gapped down before the market opened on Friday after an insider sold shares in the company. 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 traded.

Specifically, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction on Monday, January 15th. The stock was sold at an average price of $41.28, for a total value of $82,560.00. Following the sale, the chief executive officer now owns 147,045 shares of the company's stock, valued at $6,070,017.60. The trade was a 1.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

Several brokerages recently commented on INSW. Fearnley Fonds raised International Seaways to a "strong-buy" rating in a research note on Friday, September 27th. Jefferies Financial Group cut their price objective on International Seaways from $66.00 to $60.00 and set a "buy" rating for the company in a research report on Thursday, November 14th. Finally, Stifel Nicolaus downgraded International Seaways from a "buy" rating to a "hold" rating and cut their price objective for the company from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Two research 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 stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $60.67.

International Seaways Trading Down 2.3 %

The stock has a market cap of $1.89 billion, a P/E ratio of 3.72 and a beta of -0.10. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The company has a 50-day simple moving average of $38.14 and a 200-day simple moving average of $46.69.

International Seaways (NYSE:INSW - Get Free Report) last released 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. The company 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 firm's quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $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 company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a dividend of $1.32 per share. The ex-dividend date was Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 13.72%. This is an increase from International Seaways's previous quarterly dividend of $0.12. International Seaways's payout ratio is presently 4.64%.

Institutional Investors Weigh In On International Seaways

Institutional investors and hedge funds have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D acquired a new position in International Seaways in the second quarter valued at about $1,735,000. Mercer Global Advisors Inc. ADV boosted its position in shares of International Seaways by 100.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 15,033 shares of the transportation company's stock worth $889,000 after buying an additional 7,533 shares during the period. Seven Eight Capital LP acquired a new position in shares of International Seaways during the second quarter worth about $397,000. Ensign Peak Advisors Inc boosted its position in shares of International Seaways by 2.5% during the second quarter. Ensign Peak Advisors Inc now owns 22,702 shares of the transportation company's stock worth $1,342,000 after buying an additional 550 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of International Seaways by 62.8% during the second quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company's stock worth $44,000 after buying an additional 305 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.