Wexford Capital LP Sells 33,022 Shares of International Seaways, Inc. (NYSE:INSW)

Wexford Capital LP lowered its holdings in International Seaways, Inc. (NYSE:INSW - Free Report) by 25.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 98,569 shares of the transportation company's stock after selling 33,022 shares during the period. International Seaways comprises about 1.2% of Wexford Capital LP's portfolio, making the stock its 21st largest holding. Wexford Capital LP owned 0.20% of International Seaways worth $5,082,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. EverSource Wealth Advisors LLC acquired a new position in shares of International Seaways in the first quarter valued at $27,000. EdgeRock Capital LLC acquired a new position in International Seaways in the 2nd quarter valued at about $28,000. Blue Trust Inc. bought a new position in International Seaways in the 3rd quarter valued at about $41,000. KBC Group NV lifted its position in International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company's stock worth $56,000 after acquiring an additional 428 shares during the last quarter. Finally, Quarry LP boosted 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 worth $86,000 after acquiring an additional 1,167 shares during the period. Institutional investors own 67.29% of the company's stock.

Analyst Ratings Changes

INSW has been the subject of several research reports. Fearnley Fonds raised International Seaways to a "strong-buy" rating in a report on Friday, September 27th. Stifel Nicolaus cut shares of International Seaways from a "buy" rating to a "hold" rating and reduced their target price for the company from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group decreased their price target 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. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's 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 Price Performance

NYSE INSW traded down $0.49 during midday trading on Friday, hitting $37.06. The company had a trading volume of 1,005,484 shares, compared to its average volume of 610,318. The firm has a 50-day moving average price of $45.06 and a 200-day moving average price of $51.78. The company has a market capitalization of $1.82 billion, a PE ratio of 3.58 and a beta of -0.10. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. International Seaways, Inc. has a twelve month low of $36.65 and a twelve month high of $65.94.

International Seaways (NYSE:INSW - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.42 by $0.15. The business 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%. International Seaways's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.99 earnings per share. As a group, analysts anticipate that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 14.25%. The ex-dividend date is Friday, December 13th. This is an increase from International Seaways's previous quarterly dividend of $0.12. International Seaways's dividend payout ratio is 4.64%.

Insider Buying and Selling

In related news, Director Alexandra Kate Blankenship sold 5,000 shares of International Seaways stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the sale, the director now directly owns 16,109 shares of the company's stock, valued at approximately $792,079.53. The trade was a 23.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the company's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.24, for a total transaction of $51,240.00. Following the transaction, the senior vice president now owns 52,803 shares of the company's stock, valued at approximately $2,705,625.72. This represents a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,200 shares of company stock worth $758,822. Corporate insiders own 1.90% 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.