International Seaways (NYSE:INSW) Shares Gap Down - What's Next?

Shares of International Seaways, Inc. (NYSE:INSW - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $47.99, but opened at $46.13. International Seaways shares last traded at $45.47, with a volume of 228,773 shares.

Analysts Set New Price Targets

Several brokerages have recently weighed in on INSW. Stifel Nicolaus downgraded International Seaways from a "buy" rating to a "hold" rating and lowered their target price for the company from $69.00 to $56.00 in a research note on Wednesday. StockNews.com cut shares of International Seaways from a "buy" rating to a "hold" rating in a research report on Thursday, August 8th. Jefferies Financial Group reissued a "buy" rating and issued a $66.00 price objective on shares of International Seaways in a report on Wednesday, August 7th. Finally, Fearnley Fonds upgraded International Seaways to a "strong-buy" rating in a research note on Friday, September 27th. Two 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. Based on data from MarketBeat.com, International Seaways presently has a consensus rating of "Moderate Buy" and an average target price of $62.67.

International Seaways Stock Performance

The company has a current ratio of 3.89, a quick ratio of 3.87 and a debt-to-equity ratio of 0.35. The stock's 50-day moving average price is $50.71 and its 200-day moving average price is $55.09. The company has a market capitalization of $2.23 billion, a P/E ratio of 4.19 and a beta of -0.08.

International Seaways (NYSE:INSW - Get Free Report) last posted its earnings results on Wednesday, August 7th. The transportation company reported $2.37 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.13). The company had revenue of $257.40 million for the quarter, compared to the consensus estimate of $256.13 million. International Seaways had a net margin of 50.70% and a return on equity of 26.55%. The firm's revenue for the quarter was down 11.9% compared to the same quarter last year. During the same period last year, the company posted $3.12 earnings per share. As a group, equities analysts expect that International Seaways, Inc. will post 9.51 EPS for the current year.

International Seaways Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date was Wednesday, September 11th. International Seaways's payout ratio is 4.49%.

Insider Transactions at International Seaways

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $49.22, for a total transaction of $98,440.00. Following the completion of the transaction, the chief executive officer now directly owns 153,475 shares of the company's stock, valued at $7,554,039.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 153,475 shares of the company's stock, valued at approximately $7,554,039.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of the firm's stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $55.97, for a total transaction of $55,970.00. Following the transaction, the chief financial officer now directly owns 38,849 shares in the company, valued at approximately $2,174,378.53. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,000 shares of company stock worth $751,840. Insiders own 1.90% of the company's stock.

Institutional Trading of International Seaways

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EdgeRock Capital LLC acquired a new stake in shares of International Seaways during the second quarter valued at approximately $28,000. EverSource Wealth Advisors LLC acquired a new stake in International Seaways during the 1st quarter valued at $27,000. Blue Trust Inc. purchased a new stake in shares of International Seaways in the third quarter valued at $41,000. Headlands Technologies LLC boosted its position in shares of International Seaways by 173.4% in the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company's stock worth $48,000 after buying an additional 574 shares during the period. Finally, Quarry LP grew its holdings 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 valued at $86,000 after buying an additional 1,167 shares in the last quarter. 67.29% of the stock is owned by institutional investors and hedge funds.

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.