International Seaways (NYSE:INSW) Shares Down 4.4% – Here’s What Happened

International Seaways Inc. (NYSE:INSW) shares fell 4.4% during trading on Wednesday . The stock traded as low as $69.40 and last traded at $69.9150. 156,492 shares traded hands during trading, a decline of 74% from the average session volume of 613,488 shares. The stock had previously closed at $73.15.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INSW. BTIG Research boosted their price target on International Seaways from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Pareto Securities raised 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, January 20th. Benchmark reiterated a “buy” rating on shares of International Seaways in a report on Thursday, February 26th. Wall Street Zen upgraded shares of International Seaways from a “hold” rating to a “buy” rating in a research note on Saturday, March 7th. Finally, Weiss Ratings raised shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $68.00.

International Seaways Stock Performance

The business has a fifty day simple moving average of $65.01 and a two-hundred day simple moving average of $54.86. The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 0.27. The company has a market cap of $3.46 billion, a P/E ratio of 11.23 and a beta of -0.23.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Thursday, February 26th. The transportation company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.70. International Seaways had a return on equity of 13.92% and a net margin of 36.67%.The business had revenue of $267.88 million during the quarter, compared to the consensus estimate of $245.29 million. During the same period in the previous year, the company posted $0.90 EPS. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. On average, sell-side analysts anticipate that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Friday, March 20th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, March 20th. International Seaways’s payout ratio is 7.70%.

Insider Buying and Selling at International Seaways

In related news, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $66.50, for a total value of $66,500.00. Following the transaction, the chief financial officer directly owned 100,521 shares of the company’s stock, valued at approximately $6,684,646.50. This trade represents a 0.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Treasurer Debra Grillo sold 389 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $76.27, for a total value of $29,669.03. Following the completion of the sale, the treasurer owned 1,185 shares of the company’s stock, valued at approximately $90,379.95. The trade was a 24.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 60,697 shares of company stock valued at $4,459,450 in the last quarter. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in International Seaways by 42.0% during the first quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company’s stock valued at $311,000 after purchasing an additional 2,768 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of International Seaways by 3.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,089 shares of the transportation company’s stock valued at $800,000 after buying an additional 900 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in International Seaways by 16.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 128,428 shares of the transportation company’s stock worth $4,264,000 after buying an additional 18,509 shares during the period. Geode Capital Management LLC increased its stake in International Seaways by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,006,390 shares of the transportation company’s stock worth $36,718,000 after buying an additional 6,076 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its position in shares of International Seaways by 9.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 9,461 shares of the transportation company’s stock valued at $345,000 after acquiring an additional 790 shares in the last quarter. 67.29% of the stock is currently owned by institutional investors.

About International Seaways

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.