International Seaways (NYSE:INSW) Reaches New 12-Month High – Here’s What Happened

International Seaways Inc. (NYSE:INSWGet Free Report)’s share price reached a new 52-week high on Tuesday . The company traded as high as $107.50 and last traded at $109.4010, with a volume of 47502 shares. The stock had previously closed at $105.84.

Analyst Ratings Changes

Several analysts recently issued reports on the company. BTIG Research raised their target price on International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Pareto Securities lowered International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Zacks Research cut International Seaways from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of International Seaways in a research report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $107.00 target price on shares of International Seaways in a research note on Tuesday, September 1st. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $94.75.

Get Our Latest Stock Report on International Seaways

International Seaways Stock Up 2.5%

The company’s fifty day simple moving average is $94.96 and its 200 day simple moving average is $84.23. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $5.37 billion, a P/E ratio of 6.94, a price-to-earnings-growth ratio of 0.27 and a beta of -0.13.

International Seaways (NYSE:INSWGet Free Report) last announced its earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating analysts’ consensus estimates of $5.55 by $0.36. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The firm had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. During the same quarter in the previous year, the firm posted $1.02 EPS. The company’s revenue for the quarter was up 138.9% compared to the same quarter last year. Research analysts expect that International Seaways Inc. will post 16.09 EPS for the current year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a dividend of $5.05 per share. This represents a $20.20 annualized dividend and a yield of 18.6%. The ex-dividend date of this dividend is Thursday, September 10th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is presently 129.16%.

Insider Buying and Selling at International Seaways

In other news, CEO Lois Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $98.44, for a total value of $196,880.00. Following the completion of the transaction, the chief executive officer owned 173,745 shares of the company’s stock, valued at approximately $17,103,457.80. This represents a 1.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in International Seaways in the second quarter worth $505,153,000. California State Teachers Retirement System lifted its position in International Seaways by 7,351.6% during the second quarter. California State Teachers Retirement System now owns 3,714,462 shares of the transportation company’s stock valued at $284,491,000 after buying an additional 3,664,614 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in International Seaways by 167.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company’s stock valued at $44,330,000 after buying an additional 380,931 shares during the period. Bank of New York Mellon Corp purchased a new position in International Seaways during the second quarter valued at $21,082,000. Finally, Empowered Funds LLC bought a new stake in shares of International Seaways during the 2nd quarter valued at $19,711,000. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Company Profile

(Get Free Report)

International Seaways, Inc is a maritime transportation company that owns and operates oceangoing vessels used to transport crude oil, refined petroleum products and other liquid bulk cargoes. Its fleet includes crude oil tankers and product carriers serving energy companies, commodity traders and other customers in international shipping markets.

The company’s vessels operate on routes connecting major oil-producing, refining and consuming regions around the world. International Seaways generates revenue through a combination of time-charter arrangements, voyage charters and other commercial agreements, allowing customers to use its ships for the global movement of energy products.

International Seaways became an independent public company in 2016 through a separation from Overseas Shipholding Group.

Further Reading

Receive News & Ratings for International Seaways Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Seaways and related companies with MarketBeat.com's FREE daily email newsletter.