International Seaways (NYSE:INSW) Sets New 1-Year High – Here’s What Happened

International Seaways Inc. (NYSE:INSW)’s share price hit a new 52-week high on Monday . The stock traded as high as $78.51 and last traded at $74.87, with a volume of 238382 shares traded. The stock had previously closed at $75.53.

Analysts Set New Price Targets

A number of equities research analysts have commented on INSW shares. Wall Street Zen downgraded International Seaways from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Benchmark reissued a “buy” rating on shares of International Seaways in a research report on Thursday. Pareto Securities upgraded shares of International Seaways from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Tuesday, January 20th. BTIG Research upped their target price on shares of International Seaways from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Zacks Research cut shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $64.00.

International Seaways Stock Up 0.7%

The company has a market capitalization of $3.76 billion, a PE ratio of 12.20 and a beta of -0.19. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.27. The business has a fifty day moving average of $57.79 and a 200 day moving average of $51.62.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Thursday, February 26th. The transportation company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.70. The business had revenue of $267.88 million for the quarter, compared to analysts’ expectations of $245.29 million. International Seaways had a net margin of 36.67% and a return on equity of 13.92%. The business’s quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. Equities research analysts anticipate that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Friday, March 20th will be paid a $0.12 dividend. The ex-dividend date is Friday, March 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. International Seaways’s payout ratio is 7.70%.

Insiders Place Their Bets

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $63.29, for a total transaction of $63,290.00. Following the sale, the chief financial officer owned 83,463 shares in the company, valued at $5,282,373.27. This represents a 1.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $63.96, for a total value of $127,920.00. Following the completion of the sale, the chief executive officer directly owned 178,421 shares in the company, valued at $11,411,807.16. This represents a 1.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,000 shares of company stock worth $502,610 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of International Seaways

Large investors have recently made changes to their positions in the company. Amundi acquired a new position in International Seaways during the 4th quarter worth approximately $13,663,000. Donald Smith & CO. Inc. increased its holdings in International Seaways by 43.9% in the second quarter. Donald Smith & CO. Inc. now owns 709,036 shares of the transportation company’s stock valued at $25,866,000 after buying an additional 216,325 shares during the last quarter. Pacer Advisors Inc. raised its stake in International Seaways by 4,255.3% in the third quarter. Pacer Advisors Inc. now owns 197,380 shares of the transportation company’s stock valued at $9,095,000 after buying an additional 192,848 shares in the last quarter. American Century Companies Inc. lifted its holdings in International Seaways by 9.4% during the 2nd quarter. American Century Companies Inc. now owns 1,855,110 shares of the transportation company’s stock worth $67,674,000 after buying an additional 159,125 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in shares of International Seaways in the 4th quarter valued at about $7,087,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

International Seaways Company Profile

International Seaways, Inc (NYSE: INSW) is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time­ charter and voyage­ charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes.

Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018.