International Seaways Inc. (NYSE:INSW – Get Free Report) shares reached 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 changing hands. The stock had previously closed at $93.60.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on the company. BTIG Research upped their price target on 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 upgraded International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Jefferies Financial Group reaffirmed a “buy” rating and set a $100.00 target price on shares of International Seaways in a research note on Friday, May 8th. Wall Street Zen upgraded International Seaways from a “buy” rating to a “strong-buy” rating in a report on Monday, April 13th. Finally, Pareto Securities lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $86.00.
Check Out Our Latest Report on INSW
International Seaways Stock Performance
International Seaways (NYSE:INSW – Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $1.03. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The business had revenue of $325.48 million during the quarter, compared to analyst estimates of $279.34 million. During the same period last year, the company earned $0.80 earnings per share. International Seaways’s quarterly revenue was up 77.5% compared to the same quarter last year. On average, research analysts anticipate that International Seaways Inc. will post 15.62 earnings per share for the current year.
International Seaways Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a $0.12 dividend. 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 dividend payout ratio is presently 4.37%.
Insider Transactions at International Seaways
In other news, SVP Derek G. Solon sold 4,700 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $89.22, for a total transaction of $419,334.00. Following the completion of the sale, the senior vice president directly owned 49,719 shares of the company’s stock, valued at $4,435,929.18. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.34, for a total value of $162,680.00. Following the sale, the chief executive officer owned 177,745 shares of the company’s stock, valued at approximately $14,457,778.30. This represents a 1.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 42,530 shares of company stock valued at $3,699,995 over the last 90 days. Company insiders own 1.70% of the company’s stock.
Institutional Investors Weigh In On International Seaways
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in International Seaways by 42.0% during the 1st quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company’s stock worth $311,000 after acquiring an additional 2,768 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of International Seaways by 3.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,089 shares of the transportation company’s stock valued at $800,000 after purchasing an additional 900 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of International Seaways by 16.8% in 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 purchasing an additional 18,509 shares during the period. Prudential Financial Inc. acquired a new position in shares of International Seaways during the 2nd quarter worth about $223,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in International Seaways during the 2nd quarter valued at approximately $1,626,000. 67.29% of the stock is currently owned by institutional investors and hedge funds.
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.
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