nVerses Capital LLC Invests $213,000 in International Seaways, Inc. (NYSE:INSW)

nVerses Capital LLC bought a new stake in shares of International Seaways, Inc. (NYSE:INSW) in the second quarter, Holdings Channel.com reports. The fund bought 3,600 shares of the transportation company’s stock, valued at approximately $213,000.

Several other institutional investors also recently added to or reduced their stakes in INSW. EverSource Wealth Advisors LLC purchased a new stake in International Seaways in the 1st quarter valued at about $27,000. EdgeRock Capital LLC bought a new stake in shares of International Seaways during the second quarter valued at approximately $28,000. Headlands Technologies LLC boosted its holdings in shares of International Seaways by 173.4% in the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company’s stock valued at $48,000 after purchasing an additional 574 shares during the period. CWM LLC grew its stake in International Seaways by 47.9% in the second quarter. CWM LLC now owns 1,470 shares of the transportation company’s stock worth $87,000 after purchasing an additional 476 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new position in International Seaways in the first quarter worth approximately $108,000. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Trading Up 2.1 %

INSW opened at $51.83 on Monday. The company has a current ratio of 3.89, a quick ratio of 3.87 and a debt-to-equity ratio of 0.35. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 4.84 and a beta of -0.06. International Seaways, Inc. has a 12 month low of $40.11 and a 12 month high of $65.94. The stock has a fifty day moving average price of $54.49 and a 200-day moving average price of $55.61.

International Seaways (NYSE:INSW) last posted its earnings results on Wednesday, August 7th. The transportation company reported $2.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.13). The company had revenue of $257.40 million during the quarter, compared to analysts’ expectations of $256.13 million. International Seaways had a net margin of 50.70% and a return on equity of 26.55%. International Seaways’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.12 EPS. As a group, equities research analysts anticipate that International Seaways, Inc. will post 9.51 earnings per share for the current fiscal year.

International Seaways Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Wednesday, September 11th. International Seaways’s payout ratio is currently 4.49%.

Insider Buying and Selling

In other International Seaways news, Director Douglas D. Wheat sold 4,532 shares of International Seaways stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $58.15, for a total value of $263,535.80. Following the transaction, the director now directly owns 20,634 shares of the company’s stock, valued at $1,199,867.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other International Seaways news, Director Douglas D. Wheat sold 4,532 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $58.15, for a total value of $263,535.80. Following the completion of the sale, the director now directly owns 20,634 shares in the company, valued at $1,199,867.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Jeffrey Pribor sold 35,000 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $62.37, for a total value of $2,182,950.00. Following the sale, the chief financial officer now owns 40,849 shares in the company, valued at approximately $2,547,752.13. The disclosure for this sale can be found here. Insiders sold a total of 51,032 shares of company stock worth $3,074,086 in the last 90 days. 1.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on INSW. Stifel Nicolaus lifted their target price on International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their target price on shares of International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.75.

International Seaways Profile

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.