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

International Seaways Inc. (NYSE:INSW) shares gapped down before the market opened on Tuesday . The stock had previously closed at $109.10, but opened at $104.71. International Seaways shares last traded at $105.6850, with a volume of 177,524 shares changing hands.

Analysts Set New Price Targets

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

International Seaways Trading Down 3.2%

The stock has a market cap of $5.23 billion, a PE ratio of 6.73, a PEG ratio of 0.29 and a beta of -0.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 5.76 and a current ratio of 5.94. The stock has a fifty day moving average price of $97.29 and a 200 day moving average price of $85.49.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.36. The company had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.International Seaways’s quarterly revenue was up 138.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 EPS. Equities analysts expect that International Seaways Inc. will post 16.09 EPS for the current year.

International Seaways Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a dividend of $5.05 per share. This represents a $20.20 annualized dividend and a yield of 19.1%. The ex-dividend date is Thursday, September 10th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is currently 129.16%.

Insiders Place Their Bets

In other International Seaways news, CEO Lois Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $108.01, for a total value of $216,020.00. Following the completion of the sale, the chief executive officer owned 171,745 shares of the company’s stock, valued at $18,550,177.45. This trade represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On International Seaways

A number of large investors have recently bought and sold shares of the business. Resolute Capital LLC purchased a new stake in shares of International Seaways during the fourth quarter worth $1,273,000. NewEdge Wealth LLC grew its stake in International Seaways by 43.1% during the 1st quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company’s stock worth $1,818,000 after purchasing an additional 7,511 shares in the last quarter. Energy Income Partners LLC purchased a new stake in International Seaways during the 2nd quarter worth about $4,161,000. Cercano Management LLC acquired a new stake in International Seaways in the 4th quarter valued at about $4,137,000. Finally, Two Sigma Securities LLC purchased a new position in shares of International Seaways in the 2nd quarter valued at about $507,000. Hedge funds and other 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.