International Seaways (NYSE:INSW) Stock Price Down 5.8% – What’s Next?

International Seaways Inc. (NYSE:INSWGet Free Report)’s share price traded down 5.8% during mid-day trading on Thursday . The company traded as low as $84.35 and last traded at $83.0890. 48,311 shares traded hands during trading, a decline of 92% from the average session volume of 589,543 shares. The stock had previously closed at $88.20.

Analysts Set New Price Targets

Several equities research analysts have recently commented on INSW shares. BTIG Research upped their target price on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Wall Street Zen raised International Seaways from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 13th. Jefferies Financial Group restated a “buy” rating and set a $100.00 price objective on shares of International Seaways in a report on Friday, May 8th. Zacks Research lowered shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, International Seaways presently has an average rating of “Moderate Buy” and an average target price of $86.00.

Read Our Latest Analysis on International Seaways

International Seaways Stock Performance

The firm’s 50 day simple moving average is $83.41 and its 200-day simple moving average is $71.54. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of 8.04 and a beta of -0.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 7.28 and a current ratio of 7.34.

International Seaways (NYSE:INSWGet Free Report) last issued its earnings results on Thursday, May 7th. The transportation company reported $3.90 EPS for the quarter, topping the consensus estimate of $2.87 by $1.03. The business had revenue of $325.48 million during the quarter, compared to analysts’ expectations of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.International Seaways’s revenue was up 77.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.80 earnings per share. Analysts expect that International Seaways Inc. will post 14.99 EPS for the current year.

International Seaways Dividend Announcement

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

Insiders Place Their Bets

In other news, SVP William F. Nugent sold 6,830 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $85.23, for a total value of $582,120.90. Following the transaction, the senior vice president owned 49,169 shares in the company, valued at $4,190,673.87. This represents a 12.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Lois K. Zabrocky sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $88.08, for a total transaction of $2,202,000.00. Following the sale, the chief executive officer owned 181,745 shares of the company’s stock, valued at approximately $16,008,099.60. This represents a 12.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 45,530 shares of company stock worth $3,923,635. Insiders own 1.70% of the company’s stock.

Institutional Trading of International Seaways

Several large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its holdings in shares of International Seaways by 42.0% during the 1st quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company’s stock valued at $311,000 after purchasing an additional 2,768 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in International Seaways by 3.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,089 shares of the transportation company’s stock worth $800,000 after buying an additional 900 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in International Seaways by 16.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 128,428 shares of the transportation company’s stock worth $4,264,000 after buying an additional 18,509 shares during the last quarter. Prudential Financial Inc. acquired a new position in International Seaways during the second quarter worth $223,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in International Seaways during the second quarter valued at about $1,626,000. 67.29% of the stock is owned by institutional investors.

About International Seaways

(Get Free Report)

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.

Further Reading

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