International Seaways (NYSE:INSW) Shares Gap Up – Here’s What Happened

International Seaways Inc. (NYSE:INSW)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $56.30, but opened at $58.43. International Seaways shares last traded at $57.8820, with a volume of 80,650 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Pareto Securities upgraded International Seaways from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Tuesday. Weiss Ratings reissued a “hold (c+)” rating on shares of International Seaways in a research note on Wednesday, October 8th. Finally, Zacks Research lowered International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.50.

International Seaways Stock Up 2.0%

The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.26. The stock has a 50-day simple moving average of $51.73 and a two-hundred day simple moving average of $47.38. The firm has a market cap of $2.84 billion, a PE ratio of 13.08 and a beta of -0.18.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Thursday, November 6th. The transportation company reported $1.15 EPS for the quarter, beating the consensus estimate of $0.91 by $0.24. The firm had revenue of $196.39 million for the quarter, compared to analyst estimates of $180.92 million. International Seaways had a return on equity of 10.13% and a net margin of 28.26%.The company’s revenue was down 12.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.57 EPS. Analysts expect that International Seaways Inc. will post 7.77 earnings per share for the current year.

International Seaways Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 23rd. Stockholders of record on Tuesday, December 9th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Tuesday, December 9th. International Seaways’s payout ratio is presently 10.93%.

Insider Buying and Selling at International Seaways

In other International Seaways news, CAO James D. Small III sold 20,000 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $53.60, for a total transaction of $1,072,000.00. Following the completion of the sale, the chief accounting officer directly owned 49,292 shares in the company, valued at $2,642,051.20. This represents a 28.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $55.17, for a total value of $110,340.00. Following the transaction, the chief executive officer directly owned 180,421 shares in the company, valued at $9,953,826.57. This trade represents a 1.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 32,500 shares of company stock worth $1,732,605 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On International Seaways

A number of large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its stake in shares of International Seaways by 99.5% during the third quarter. Federated Hermes Inc. now owns 758 shares of the transportation company’s stock valued at $35,000 after acquiring an additional 378 shares during the last quarter. Founders Capital Management grew its stake in shares of International Seaways by 37.5% in the fourth quarter. Founders Capital Management now owns 1,100 shares of the transportation company’s stock worth $53,000 after purchasing an additional 300 shares during the last quarter. Advisory Services Network LLC purchased a new position in International Seaways during the 3rd quarter valued at about $53,000. EverSource Wealth Advisors LLC raised its position in International Seaways by 601.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,508 shares of the transportation company’s stock valued at $55,000 after purchasing an additional 1,293 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new position in International Seaways during the 3rd quarter valued at approximately $64,000. Institutional investors own 67.29% of the company’s stock.

International Seaways Company Profile

International Seaways, Inc (NYSE: INSW) is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time­ charter and voyage­ charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes.

Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018.