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

International Seaways Inc. (NYSE:INSW)’s share price reached a new 52-week high on Wednesday. The stock traded as high as $114.79 and last traded at $113.6920, with a volume of 93227 shares traded. The stock had previously closed at $110.24.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $107.00 price target on shares of International Seaways in a report on Tuesday, September 1st. Zacks Research downgraded shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Weiss Ratings restated a “buy (b-)” rating on shares of International Seaways in a report on Friday, August 7th. BTIG Research raised their target price on International Seaways from $100.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Finally, Jefferies Financial Group lifted their price target on International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, International Seaways currently has a consensus rating of “Moderate Buy” and an average target price of $102.25.

International Seaways Trading Up 0.5%

The firm has a market capitalization of $5.49 billion, a PE ratio of 7.04, a price-to-earnings-growth ratio of 0.28 and a beta of -0.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 5.94 and a quick ratio of 5.76. The company has a fifty day moving average of $99.38 and a 200-day moving average of $86.86.

International Seaways (NYSE:INSW) last posted its earnings results on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, topping the consensus estimate of $5.55 by $0.36. The company had revenue of $467.29 million during the quarter, compared to the consensus estimate of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The company’s revenue for the quarter was up 138.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 earnings per share. On average, sell-side analysts anticipate that International Seaways Inc. will post 16.09 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th were given a $5.05 dividend. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $20.20 dividend on an annualized basis and a dividend yield of 18.2%. The ex-dividend date of this dividend was Thursday, September 10th. International Seaways’s payout ratio is presently 129.16%.

Insider Activity

In other news, CEO Lois Zabrocky sold 2,000 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $108.01, for a total transaction of $216,020.00. Following the transaction, the chief executive officer owned 171,745 shares of the company’s stock, valued at approximately $18,550,177.45. This represents a 1.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Large investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. lifted its stake in shares of International Seaways by 24.6% in the second quarter. QRG Capital Management Inc. now owns 35,149 shares of the transportation company’s stock worth $2,692,000 after buying an additional 6,932 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in International Seaways in the 2nd quarter valued at $209,000. Tidal Investments LLC raised its holdings in International Seaways by 59.3% in the 2nd quarter. Tidal Investments LLC now owns 51,034 shares of the transportation company’s stock worth $3,909,000 after acquiring an additional 18,996 shares during the period. Arlington Capital Management Inc. acquired a new position in International Seaways during the 2nd quarter worth $219,000. Finally, Engineers Gate Manager LP lifted its position in International Seaways by 43.8% during the 2nd quarter. Engineers Gate Manager LP now owns 13,375 shares of the transportation company’s stock worth $1,024,000 after acquiring an additional 4,075 shares during the last quarter. Institutional investors own 67.29% of the company’s stock.

International Seaways Company Profile

International Seaways, Inc is a maritime transportation company that owns and operates oceangoing vessels used to transport crude oil, refined petroleum products and other liquid bulk cargoes. Its fleet includes crude oil tankers and product carriers serving energy companies, commodity traders and other customers in international shipping markets.

The company’s vessels operate on routes connecting major oil-producing, refining and consuming regions around the world. International Seaways generates revenue through a combination of time-charter arrangements, voyage charters and other commercial agreements, allowing customers to use its ships for the global movement of energy products.

International Seaways became an independent public company in 2016 through a separation from Overseas Shipholding Group.