International Seaways (NYSE:INSW) Shares Gap Up - Here's What Happened

International Seaways, Inc. (NYSE:INSW - Get Free Report)'s stock price gapped up prior to trading 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 trading hands.

Analysts Set New Price Targets

INSW has been the subject of several recent analyst reports. Jefferies Financial Group cut their target price 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. Stifel Nicolaus downgraded International Seaways from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Fearnley Fonds raised International Seaways to a "strong-buy" rating in a research note on Friday, September 27th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.67.

International Seaways Trading Up 9.3 %

The business's 50 day simple moving average is $40.91 and its two-hundred day simple moving average is $49.17. The stock has a market cap of $1.82 billion, a P/E ratio of 3.57 and a beta of -0.10. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32.

International Seaways (NYSE:INSW - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $225.20 million for the quarter, compared to analyst estimates of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. During the same quarter in the previous year, the company posted $1.99 EPS. International Seaways's quarterly revenue was down 6.8% compared to the same quarter last year. As a group, analysts expect that International Seaways, Inc. will post 7.92 EPS for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a dividend of $1.32 per share. The ex-dividend date is Friday, December 13th. This represents a $5.28 annualized dividend and a dividend yield of 14.30%. This is an increase from International Seaways's previous quarterly dividend of $0.12. International Seaways's dividend payout ratio (DPR) is presently 4.64%.

Insider Transactions at International Seaways

In related news, SVP Derek G. Solon sold 1,200 shares of International Seaways stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $38.91, for a total transaction of $46,692.00. Following the completion of the transaction, the senior vice president now owns 45,687 shares of the company's stock, valued at $1,777,681.17. This trade represents a 2.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the business's stock in a transaction on Monday, September 30th. The shares were sold at an average price of $51.24, for a total transaction of $51,240.00. Following the completion of the transaction, the senior vice president now owns 52,803 shares in the company, valued at approximately $2,705,625.72. The trade was a 1.86 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,200 shares of company stock worth $362,622. Company insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Blue Trust Inc. bought a new stake in shares of International Seaways during the third quarter valued at approximately $41,000. EverSource Wealth Advisors LLC raised its holdings in 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 last quarter. Sunbelt Securities Inc. bought a new position in shares of International Seaways in the third quarter valued at $52,000. KBC Group NV grew its holdings in shares of International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company's stock valued at $56,000 after buying an additional 428 shares during the last quarter. Finally, Quarry LP increased its position in shares of International Seaways by 408.0% during the second quarter. Quarry LP now owns 1,453 shares of the transportation company's stock worth $86,000 after acquiring an additional 1,167 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.