International Seaways Inc. (NYSE:INSW – Get Free Report) reached a new 52-week high during trading on Tuesday. The company traded as high as $120.00 and last traded at $116.6030, with a volume of 1086926 shares. The stock had previously closed at $115.81.
Analysts Set New Price Targets
Several research firms recently commented on INSW. BTIG Research raised their price target on shares of International Seaways from $100.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, September 18th. B. Riley Financial upped their target price on shares of International Seaways from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of International Seaways in a research report on Friday, August 7th. Jefferies Financial Group lifted their price target on shares of International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Finally, Zacks Research lowered International Seaways from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $109.80.
Read Our Latest Report on INSW
International Seaways Price Performance
International Seaways (NYSE:INSW – Get Free Report) last issued its earnings results 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. The company had revenue of $467.29 million for the quarter, compared to analysts’ expectations of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The firm’s quarterly revenue was up 138.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.02 EPS. On average, analysts predict that International Seaways Inc. will post 16.48 EPS for the current year.
International Seaways Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Thursday, September 10th were issued a dividend of $5.05 per share. The ex-dividend date of this dividend was Thursday, September 10th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $20.20 annualized dividend and a yield of 17.3%. International Seaways’s dividend payout ratio is 129.16%.
Insider Buying and Selling
In other International Seaways news, CEO Lois Zabrocky sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $108.01, for a total transaction of $216,020.00. Following the completion of the sale, the chief executive officer owned 171,745 shares in the company, valued at $18,550,177.45. This represents a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in INSW. BlackRock Inc. purchased a new position in International Seaways in the second quarter valued at about $505,153,000. Dimensional Fund Advisors LP grew its position in shares of International Seaways by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,755 shares of the transportation company’s stock worth $220,436,000 after buying an additional 52,743 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of International Seaways by 167.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company’s stock worth $44,330,000 after acquiring an additional 380,931 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in International Seaways during the second quarter valued at approximately $21,082,000. Finally, Bridgeway Capital Management LLC lifted its position in International Seaways by 7.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 414,688 shares of the transportation company’s stock valued at $20,133,000 after acquiring an additional 27,818 shares during the last quarter. 67.29% of the stock is owned by institutional investors.
International Seaways Company Profile
International Seaways, Inc (NYSE: INSW) is a maritime transportation company that owns and operates oceangoing tankers. The company transports crude oil, refined petroleum products and other liquid cargoes for energy producers, commodity traders, refiners and other customers worldwide.
Its fleet includes crude-oil tankers serving major international trade routes, as well as product tankers used to move gasoline, diesel, jet fuel and other refined petroleum products. International Seaways employs a combination of time-charter, voyage-charter and pool arrangements to market its vessels and provide transportation services.
International Seaways was established in 2016 through the separation of the international tanker business from Overseas Shipholding Group.
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