International Seaways (NYSE:INSW) Shares Gap Up - Still a Buy?

International Seaways, Inc. (NYSE:INSW - Get Free Report)'s share price gapped up before the market opened on Friday . The stock had previously closed at $38.17, but opened at $40.60. International Seaways shares last traded at $41.18, with a volume of 281,591 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Fearnley Fonds raised International Seaways to a "strong-buy" rating in a research report on Friday, September 27th. Stifel Nicolaus downgraded International Seaways from a "buy" rating to a "hold" rating and dropped their price target 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 report on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $60.67.

International Seaways Trading Up 6.2 %

The firm has a market cap of $1.99 billion, a P/E ratio of 3.92 and a beta of -0.10. The company's 50 day moving average is $38.52 and its two-hundred day moving average is $47.49. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 24.65% and a net margin of 50.91%. International Seaways's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.99 EPS. On average, sell-side analysts predict that International Seaways, Inc. will post 7.92 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 13.03%. The ex-dividend date was Friday, December 13th. This is a positive change from International Seaways's previous quarterly dividend of $0.12. International Seaways's payout ratio is 4.64%.

Insider Transactions at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $43.05, for a total transaction of $43,050.00. Following the completion of the transaction, the senior vice president now owns 51,803 shares in the company, valued at $2,230,119.15. This trade represents a 1.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Derek G. Solon sold 1,200 shares of the company's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $38.91, for a total value of $46,692.00. Following the completion of the sale, the senior vice president now owns 45,687 shares in the company, valued at $1,777,681.17. This trade represents a 2.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 8,200 shares of company stock valued at $346,452. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On International Seaways

Several institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in shares of International Seaways by 27.3% during the third quarter. Principal Financial Group Inc. now owns 28,583 shares of the transportation company's stock worth $1,474,000 after buying an additional 6,121 shares in the last quarter. Franklin Resources Inc. increased its holdings in International Seaways by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company's stock valued at $2,428,000 after purchasing an additional 379 shares in the last quarter. Hohimer Wealth Management LLC bought a new position in International Seaways in the 3rd quarter valued at $240,000. Sunbelt Securities Inc. acquired a new position in International Seaways in the third quarter worth $52,000. Finally, Geode Capital Management LLC grew its holdings in shares of International Seaways by 4.3% during the third quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company's stock worth $48,650,000 after purchasing an additional 38,871 shares during the last quarter. 67.29% of the stock is owned by institutional investors.

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.