International Seaways (NYSE:INSW) Shares Up 4.9% After Analyst Upgrade

International Seaways, Inc. (NYSE:INSW) was up 4.9% during trading on Thursday after Stifel Nicolaus raised their price target on the stock from $66.00 to $68.00. Stifel Nicolaus currently has a buy rating on the stock. International Seaways traded as high as $59.36 and last traded at $59.23. Approximately 300,534 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 543,642 shares. The stock had previously closed at $56.45.

Several other analysts have also recently commented on the company. StockNews.com upgraded International Seaways from a “hold” rating to a “buy” rating in a report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $66.00 price objective on shares of International Seaways in a research report on Thursday, February 29th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, International Seaways has an average rating of “Buy” and a consensus price target of $63.75.

Insiders Place Their Bets

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $53.39, for a total transaction of $53,390.00. Following the transaction, the chief financial officer now directly owns 69,010 shares in the company, valued at approximately $3,684,443.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction on Monday, April 1st. The shares were sold at an average price of $53.39, for a total value of $53,390.00. Following the completion of the sale, the chief financial officer now directly owns 69,010 shares of the company’s stock, valued at $3,684,443.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Adewale Oshodi sold 6,212 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $62.06, for a total transaction of $385,516.72. Following the transaction, the vice president now directly owns 6,326 shares in the company, valued at approximately $392,591.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,879 shares of company stock worth $4,336,583. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On International Seaways

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in International Seaways by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock valued at $212,074,000 after acquiring an additional 286,295 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of International Seaways by 4.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,198,419 shares of the transportation company’s stock valued at $145,464,000 after purchasing an additional 122,642 shares in the last quarter. Donald Smith & CO. Inc. boosted its position in shares of International Seaways by 24.6% during the fourth quarter. Donald Smith & CO. Inc. now owns 1,613,803 shares of the transportation company’s stock valued at $73,396,000 after buying an additional 318,962 shares during the last quarter. Frontier Capital Management Co. LLC grew its holdings in International Seaways by 20.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 810,675 shares of the transportation company’s stock worth $36,869,000 after buying an additional 139,569 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in International Seaways by 38.1% during the third quarter. American Century Companies Inc. now owns 423,943 shares of the transportation company’s stock worth $19,077,000 after buying an additional 116,923 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

International Seaways Price Performance

The company has a current ratio of 2.73, a quick ratio of 2.72 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average of $59.04 and a 200 day moving average of $53.50. The firm has a market capitalization of $2.90 billion, a PE ratio of 5.49 and a beta of -0.04.

International Seaways (NYSE:INSW) last announced its earnings results on Wednesday, May 8th. The transportation company reported $2.92 EPS for the quarter, beating the consensus estimate of $2.38 by $0.54. International Seaways had a net margin of 49.88% and a return on equity of 29.74%. The company had revenue of $274.40 million during the quarter, compared to the consensus estimate of $249.12 million. During the same quarter in the prior year, the company posted $3.30 earnings per share. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, research analysts anticipate that International Seaways, Inc. will post 10.07 EPS for the current fiscal year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 26th. Shareholders of record on Wednesday, June 12th will be given a dividend of $1.75 per share. The ex-dividend date is Wednesday, June 12th. This represents a $7.00 annualized dividend and a dividend yield of 11.92%. This is a boost from International Seaways’s previous quarterly dividend of $1.20. International Seaways’s dividend payout ratio (DPR) is currently 4.49%.

About International Seaways

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.