Zacks Research cut shares of International Seaways (NYSE:INSW – Free Report) from a strong-buy rating to a hold rating in a research note published on Thursday morning,Zacks reports.
A number of other research firms also recently issued reports on INSW. B. Riley Financial raised their price target on International Seaways from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. Jefferies Financial Group lifted their price target on International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $107.00 price objective on shares of International Seaways in a research note on Tuesday, September 1st. Wall Street Zen raised International Seaways from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, BTIG Research lifted their target price on shares of International Seaways from $100.00 to $130.00 and gave the company a “buy” rating in a report on Friday, September 18th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $109.80.
View Our Latest Report on INSW
International Seaways Stock Performance
INSW traded up $3.68 on Thursday, reaching $98.15. The company had a trading volume of 791,072 shares, compared to its average volume of 810,007. International Seaways has a 1 year low of $46.09 and a 1 year high of $126.27. The stock has a market capitalization of $4.86 billion, a PE ratio of 4.65, a P/E/G ratio of 0.28 and a beta of -0.10. The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average price of $108.69 and a 200-day moving average price of $86.58.
International Seaways (NYSE:INSW – Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The transportation company reported $5.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.13 by ($0.29). International Seaways had a return on equity of 31.75% and a net margin of 61.98%. The firm had revenue of $483.20 million for the quarter, compared to analysts’ expectations of $349.50 million. During the same period in the previous year, the business posted $1.15 EPS. The business’s revenue for the quarter was up 146.0% compared to the same quarter last year. As a group, research analysts forecast that International Seaways will post 17.47 EPS for the current fiscal year.
International Seaways Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 23rd. Investors of record on Wednesday, December 9th will be issued a dividend of $5.05 per share. The ex-dividend date of this dividend is Wednesday, December 9th. This represents a $20.20 dividend on an annualized basis and a dividend yield of 20.6%. International Seaways’s dividend payout ratio (DPR) is currently 129.16%.
Insider Transactions at International Seaways
In other International Seaways news, CEO Lois Zabrocky sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $114.23, for a total transaction of $228,460.00. Following the completion of the sale, the chief executive officer directly owned 169,745 shares of the company’s stock, valued at $19,389,971.35. This represents a 1.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Finance Ltd Famatown sold 102,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $111.82, for a total value of $11,405,640.00. Following the sale, the insider directly owned 6,932,458 shares of the company’s stock, valued at approximately $775,187,453.56. This represents a 1.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 655,028 shares of company stock worth $76,362,341. Corporate insiders own 1.70% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the stock. Baird Financial Group Inc. boosted its holdings in shares of International Seaways by 5.0% in the second quarter. Baird Financial Group Inc. now owns 248,506 shares of the transportation company’s stock valued at $19,033,000 after acquiring an additional 11,835 shares in the last quarter. Man Group plc acquired a new position in shares of International Seaways during the second quarter worth about $867,000. NewEdge Wealth LLC raised its holdings in International Seaways by 43.1% during the first quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company’s stock worth $1,818,000 after purchasing an additional 7,511 shares in the last quarter. Two Sigma Securities LLC purchased a new position in International Seaways during the second quarter worth about $507,000. Finally, Energy Income Partners LLC acquired a new stake in International Seaways in the second quarter valued at about $4,161,000. Institutional investors and hedge funds own 67.29% of the company’s stock.
International Seaways Company Profile
International Seaways, Inc (NYSE: INSW) is a maritime transportation company that owns and operates oceangoing tankers. Its vessels transport crude oil, refined petroleum products and other energy-related cargoes for oil companies, commodity traders, refiners and other customers in international markets.
The company’s fleet includes large crude carriers and product tankers serving a range of transportation needs. International Seaways operates vessels on the global waterborne energy transportation network, with routes connecting major oil-producing regions, refining centers and consuming markets.
International Seaways was established as an independent public company in 2016 following its spin-off from Overseas Shipholding Group.
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