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

International Seaways, Inc. (NYSE:INSW)’s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $40.93 and last traded at $41.07, with a volume of 16334 shares. The stock had previously closed at $41.87.

Wall Street Analyst Weigh In

INSW has been the subject of a number of recent analyst reports. Jefferies Financial Group dropped their price target on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Stifel Nicolaus downgraded International Seaways from a “buy” rating to a “hold” rating and reduced their price target for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Finally, Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $60.67.

International Seaways Price Performance

The stock’s 50 day simple moving average is $47.66 and its 200 day simple moving average is $53.48. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The firm has a market capitalization of $2.04 billion, a P/E ratio of 3.99 and a beta of -0.06.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.42 by $0.15. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The company had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. During the same period last year, the business posted $1.99 EPS. International Seaways’s quarterly revenue was down 6.8% on a year-over-year basis. As a group, analysts expect that International Seaways, Inc. will post 7.92 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 12.75%. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, December 13th. International Seaways’s dividend payout ratio is presently 4.64%.

Insider Buying and Selling at International Seaways

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $50.30, for a total transaction of $100,600.00. Following the completion of the sale, the chief executive officer now directly owns 155,475 shares in the company, valued at $7,820,392.50. This represents a 1.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.24, for a total value of $51,240.00. Following the completion of the transaction, the senior vice president now owns 52,803 shares in the company, valued at $2,705,625.72. This trade represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,000 shares of company stock valued at $723,780. Company insiders own 1.90% of the company’s stock.

Institutional Trading of International Seaways

A number of institutional investors have recently modified their holdings of INSW. Vanguard Group Inc. boosted its position in shares of International Seaways by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock worth $212,074,000 after purchasing an additional 286,295 shares in the last quarter. American Century Companies Inc. boosted its holdings in International Seaways by 25.7% in the second quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after acquiring an additional 252,492 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of International Seaways by 4.3% during the third quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock worth $48,650,000 after acquiring an additional 38,871 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of International Seaways by 5.3% during the second quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company’s stock valued at $52,184,000 after acquiring an additional 44,200 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of International Seaways by 4.1% in the 2nd quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company’s stock valued at $50,482,000 after purchasing an additional 33,712 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors.

International Seaways Company 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.