International Seaways (NYSE:INSW) Shares Up 7.1% - Here's Why

International Seaways, Inc. (NYSE:INSW - Get Free Report)'s stock price rose 7.1% on Tuesday . The stock traded as high as $38.00 and last traded at $37.91. Approximately 232,969 shares traded hands during trading, a decline of 64% from the average daily volume of 646,482 shares. The stock had previously closed at $35.41.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INSW. Fearnley Fonds upgraded shares of International Seaways to a "strong-buy" rating in a report on Friday, September 27th. Jefferies Financial Group reduced their price objective on shares of 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, Stifel Nicolaus lowered International Seaways from a "buy" rating to a "hold" rating and lowered their target price for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Two investment 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $60.67.

International Seaways Stock Up 8.3 %

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 stock's 50-day simple moving average is $38.85 and its 200 day simple moving average is $47.78. The firm has a market cap of $1.89 billion, a P/E ratio of 3.71 and a beta of -0.10.

International Seaways (NYSE:INSW - Get Free Report) last released 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 business had revenue of $225.20 million during the quarter, compared to analysts' expectations of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The firm's revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.99 earnings per share. As a group, research 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 was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 13.77%. This is a boost from International Seaways's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, December 13th. International Seaways's dividend payout ratio (DPR) is presently 4.64%.

Insider Activity

In related news, SVP William F. Nugent sold 1,000 shares of the firm's stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $43.05, for a total value of $43,050.00. Following the transaction, the senior vice president now owns 51,803 shares of the company's stock, valued at approximately $2,230,119.15. This trade represents a 1.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $49.22, for a total value 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. This represents a 1.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,200 shares of company stock worth $346,452. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On International Seaways

Several institutional investors have recently bought and sold shares of INSW. Bank of New York Mellon Corp grew its stake in shares of International Seaways by 38.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 209,135 shares of the transportation company's stock worth $12,366,000 after acquiring an additional 57,706 shares in the last quarter. Principal Financial Group Inc. grew its stake in International Seaways by 12.8% in the 2nd quarter. Principal Financial Group Inc. now owns 22,462 shares of the transportation company's stock valued at $1,328,000 after purchasing an additional 2,556 shares during the period. Rhumbline Advisers increased its position in shares of International Seaways by 1.2% during the 2nd quarter. Rhumbline Advisers now owns 69,556 shares of the transportation company's stock valued at $4,113,000 after purchasing an additional 817 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of International Seaways by 4.1% during the 2nd quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company's stock worth $50,482,000 after purchasing an additional 33,712 shares during the period. Finally, Arizona State Retirement System grew its position in International Seaways by 8.7% during the second quarter. Arizona State Retirement System now owns 10,958 shares of the transportation company's stock valued at $648,000 after buying an additional 877 shares during the period. Institutional investors own 67.29% of the company's stock.

About International Seaways

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.