International Seaways (NYSE:INSW) Shares Down 5% – Here’s What Happened

International Seaways, Inc. (NYSE:INSW) shares dropped 5% on Thursday . The company traded as low as $39.54 and last traded at $39.53. Approximately 746,184 shares changed hands during trading, a decline of 25% from the average daily volume of 989,218 shares. The stock had previously closed at $41.61.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on INSW. Jefferies Financial Group dropped their target price on International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Fearnley Fonds raised shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Finally, Stifel Nicolaus cut shares of 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 note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Stock Down 5.3 %

The company has a market capitalization of $1.94 billion, a PE ratio of 3.81 and a beta of -0.10. The company’s fifty day moving average is $38.32 and its 200-day moving average is $46.89. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.42 by $0.15. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. During the same period last year, the firm earned $1.99 EPS. The company’s revenue was down 6.8% on a year-over-year basis. As a group, analysts predict that International Seaways, Inc. will post 7.92 EPS for the current fiscal year.

International Seaways Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were paid a dividend of $1.32 per share. The ex-dividend date was Friday, December 13th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 dividend on an annualized basis and a yield of 13.41%. International Seaways’s dividend payout ratio is presently 4.64%.

Insiders Place Their Bets

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $35.07, for a total transaction of $35,070.00. Following the sale, the senior vice president now directly owns 49,803 shares of the company’s stock, valued at $1,746,591.21. The trade was a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $41.83, for a total value of $83,660.00. Following the completion of the sale, the chief executive officer now directly owns 151,475 shares of the company’s stock, valued at $6,336,199.25. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,200 shares of company stock valued at $248,012 in the last quarter. 1.90% of the stock is currently owned by insiders.

Institutional Trading of International Seaways

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in International Seaways by 62.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock valued at $44,000 after acquiring an additional 305 shares during the period. Franklin Resources Inc. boosted its stake in shares of International Seaways by 0.8% during the third 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 during the period. KBC Group NV grew its holdings in shares of International Seaways by 65.2% in the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after purchasing an additional 428 shares during the last quarter. Cynosure Group LLC increased its stake in International Seaways by 6.6% in the 3rd quarter. Cynosure Group LLC now owns 7,171 shares of the transportation company’s stock worth $370,000 after buying an additional 447 shares during the period. Finally, Ensign Peak Advisors Inc lifted its holdings in International Seaways by 2.5% during the 2nd quarter. Ensign Peak Advisors Inc now owns 22,702 shares of the transportation company’s stock valued at $1,342,000 after buying an additional 550 shares in the last quarter. 67.29% of the stock is owned by hedge funds and other 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.