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

Shares of International Seaways Inc. (NYSE:INSW) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $95.65 and last traded at $94.3150, with a volume of 542822 shares. The stock had previously closed at $93.60.

Analyst Ratings Changes

INSW has been the topic of several research reports. BTIG Research boosted their price objective on shares of International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $100.00 target price on shares of International Seaways in a research note on Friday, May 8th. Pareto Securities downgraded International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Weiss Ratings upgraded International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Finally, Wall Street Zen raised International Seaways from a “buy” rating to a “strong-buy” rating in a report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $86.00.

International Seaways Trading Up 0.8%

The business has a 50 day simple moving average of $84.22 and a 200 day simple moving average of $75.43. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. The company has a market cap of $4.67 billion, a price-to-earnings ratio of 8.59 and a beta of -0.12.

International Seaways (NYSE:INSW) last posted its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 earnings per share for the quarter, beating the consensus estimate of $2.87 by $1.03. The firm had revenue of $325.48 million during the quarter, compared to analysts’ expectations of $279.34 million. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The company’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.80 EPS. As a group, equities analysts forecast that International Seaways Inc. will post 15.62 EPS for the current year.

International Seaways Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.12 per share. The ex-dividend date was Friday, June 12th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. International Seaways’s payout ratio is presently 4.37%.

Insider Buying and Selling

In related news, SVP William F. Nugent sold 6,830 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $85.23, for a total value of $582,120.90. Following the sale, the senior vice president directly owned 49,169 shares in the company, valued at $4,190,673.87. This trade represents a 12.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction of $81,680.00. Following the transaction, the chief financial officer directly owned 101,984 shares in the company, valued at $8,330,053.12. The trade was a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 42,530 shares of company stock worth $3,699,995. Company insiders own 1.70% of the company’s stock.

Institutional Trading of International Seaways

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of International Seaways by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company’s stock valued at $31,013,000 after purchasing an additional 12,188 shares during the last quarter. Resolute Capital LLC acquired a new stake in shares of International Seaways during the 4th quarter worth about $1,273,000. NewEdge Wealth LLC lifted its stake in shares of International Seaways by 43.1% during the 1st quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company’s stock worth $1,818,000 after buying an additional 7,511 shares during the last quarter. Cercano Management LLC bought a new stake in shares of International Seaways during the 4th quarter worth about $4,137,000. Finally, SG Americas Securities LLC boosted its holdings in shares of International Seaways by 123.4% during the 4th quarter. SG Americas Securities LLC now owns 34,276 shares of the transportation company’s stock worth $1,664,000 after buying an additional 18,935 shares during the period. Institutional investors and hedge funds own 67.29% of the company’s stock.

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.