International Seaways (NYSE:INSW) Shares Gap Up – Should You Buy?

International Seaways, Inc. (NYSE:INSW) shares gapped up before the market opened on Tuesday . The stock had previously closed at $33.78, but opened at $36.41. International Seaways shares last traded at $36.63, with a volume of 560,651 shares.

Wall Street Analyst Weigh In

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

International Seaways Trading Up 9.7 %

The business has a 50 day moving average of $41.14 and a 200-day moving average of $49.34. The stock has a market cap of $1.82 billion, a PE ratio of 3.58 and a beta of -0.10. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32.

International Seaways (NYSE:INSW) last posted its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. The firm had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.99 EPS. On average, analysts anticipate that International Seaways, Inc. will post 7.92 EPS for the current year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $1.32 per share. This is an increase from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, December 13th. This represents a $5.28 annualized dividend and a dividend yield of 14.25%. International Seaways’s dividend payout ratio is presently 4.64%.

Insiders Place Their Bets

In other news, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $39.54, for a total transaction of $39,540.00. Following the completion of the transaction, the senior vice president now owns 50,803 shares of the company’s stock, valued at $2,008,750.62. This represents a 1.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Derek G. Solon sold 1,200 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total transaction of $46,692.00. Following the transaction, the senior vice president now owns 45,687 shares in the company, valued at approximately $1,777,681.17. The trade was a 2.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 8,200 shares of company stock valued at $362,622. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Blue Trust Inc. acquired a new stake in International Seaways during the third quarter worth about $41,000. EverSource Wealth Advisors LLC grew its holdings in shares of International Seaways by 62.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock worth $44,000 after purchasing an additional 305 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of International Seaways during the 3rd quarter worth about $52,000. KBC Group NV increased its position in International Seaways by 65.2% during the 3rd quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after purchasing an additional 428 shares in the last quarter. Finally, Quarry LP raised its holdings in International Seaways by 408.0% in the second quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after buying an additional 1,167 shares during the period. 67.29% of the stock is owned by hedge funds and other 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.