International Seaways (NYSE:INSW) Hits New 52-Week High – What’s Next?

International Seaways Inc. (NYSE:INSW)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $98.89 and last traded at $98.7290, with a volume of 45467 shares trading hands. The stock had previously closed at $97.05.

Wall Street Analyst Weigh In

INSW has been the topic of a number of recent analyst reports. BTIG Research upped their target price on shares of International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of International Seaways in a research report on Friday, August 7th. Zacks Research raised shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Pareto Securities lowered shares of International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Finally, Jefferies Financial Group increased their price objective on shares of International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $88.00.

International Seaways Stock Up 0.7%

The stock has a market cap of $4.90 billion, a PE ratio of 6.33 and a beta of -0.13. The firm has a fifty day moving average of $87.98 and a 200 day moving average of $79.13. The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Monday, August 10th. The transportation company reported $5.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.55 by $0.36. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The business had revenue of $467.29 million during the quarter, compared to analysts’ expectations of $406.38 million. During the same period in the prior year, the firm posted $1.02 EPS. The business’s quarterly revenue was up 138.9% compared to the same quarter last year. On average, equities research analysts anticipate that International Seaways Inc. will post 15.89 EPS for the current fiscal year.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a $5.05 dividend. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $20.20 annualized dividend and a yield of 20.4%. The ex-dividend date is Thursday, September 10th. International Seaways’s payout ratio is currently 3.07%.

Insider Activity at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.68, for a total value of $81,680.00. Following the completion of the transaction, the chief financial officer owned 101,984 shares in the company, valued at approximately $8,330,053.12. This represents a 0.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $98.44, for a total transaction of $196,880.00. Following the completion of the transaction, the chief executive officer directly owned 173,745 shares in the company, valued at $17,103,457.80. This trade represents a 1.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 5,000 shares of company stock worth $441,240 over the last quarter. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On International Seaways

Several large investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its position in International Seaways by 11.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,169 shares of the transportation company’s stock worth $85,000 after acquiring an additional 118 shares during the last quarter. GAMMA Investing LLC grew its position in shares of International Seaways by 4.0% in the second quarter. GAMMA Investing LLC now owns 4,606 shares of the transportation company’s stock valued at $353,000 after purchasing an additional 178 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of International Seaways by 2.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,300 shares of the transportation company’s stock valued at $452,000 after purchasing an additional 200 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of International Seaways by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 7,825 shares of the transportation company’s stock worth $380,000 after purchasing an additional 241 shares in the last quarter. Finally, Guggenheim Capital LLC increased its stake in shares of International Seaways by 1.4% during the 4th quarter. Guggenheim Capital LLC now owns 19,760 shares of the transportation company’s stock worth $959,000 after purchasing an additional 275 shares in the last quarter. 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.