International Seaways (NYSE:INSW) Sets New 52-Week High – Here’s What Happened

International Seaways Inc. (NYSE:INSW)’s share price reached a new 52-week high on Thursday . The company traded as high as $95.65 and last traded at $94.3150, with a volume of 542822 shares. The stock had previously closed at $93.60.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. BTIG Research boosted their price target on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Weiss Ratings raised International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Pareto Securities cut International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Zacks Research upgraded International Seaways from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. Finally, Wall Street Zen raised International Seaways from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $86.00.

International Seaways Trading Up 1.0%

The stock’s fifty day simple moving average is $84.67 and its two-hundred day simple moving average is $75.86. The firm has a market cap of $4.76 billion, a PE ratio of 8.76 and a beta of -0.12. The company has a quick ratio of 7.28, a current ratio of 7.34 and a debt-to-equity ratio of 0.26.

International Seaways (NYSE:INSW) last released its earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $1.03. The firm had revenue of $325.48 million during the quarter, compared to analyst estimates of $279.34 million. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The business’s revenue was up 77.5% on a year-over-year basis. During the same period last year, the business earned $0.80 earnings per share. On average, sell-side analysts forecast that International Seaways Inc. will post 15.62 EPS for the current fiscal year.

International Seaways Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a dividend of $0.12 per share. The ex-dividend date was Friday, June 12th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. International Seaways’s payout ratio is presently 4.37%.

Insider Buying and Selling

In other news, SVP William F. Nugent sold 6,830 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $85.23, for a total transaction of $582,120.90. Following the completion of the transaction, the senior vice president directly owned 49,169 shares in the company, valued at $4,190,673.87. This trade represents a 12.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction of $81,680.00. Following the completion of the transaction, the chief financial officer directly owned 101,984 shares of the company’s stock, valued at $8,330,053.12. This trade represents a 0.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 42,530 shares of company stock valued at $3,699,995. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On International Seaways

Hedge funds have recently added to or reduced their stakes in the company. First Horizon Corp increased its holdings in International Seaways by 121.6% in the 4th quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock worth $33,000 after buying an additional 377 shares in the last quarter. Leonteq Securities AG bought a new position in International Seaways during the 4th quarter valued at about $44,000. Garton & Associates Financial Advisors LLC bought a new position in International Seaways during the 4th quarter valued at about $46,000. Rockefeller Capital Management L.P. boosted its holdings in shares of International Seaways by 583.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company’s stock valued at $47,000 after acquiring an additional 822 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of International Seaways during the 3rd quarter valued at about $53,000. 67.29% of the stock is currently owned by hedge funds and other 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.