International Seaways (NYSE:INSW) Shares Gap Down – Time to Sell?

International Seaways Inc. (NYSE:INSW) shares gapped down before the market opened on Friday . The stock had previously closed at $82.56, but opened at $77.09. International Seaways shares last traded at $79.7340, with a volume of 53,604 shares.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Jefferies Financial Group reiterated a “buy” rating and issued a $100.00 price target on shares of International Seaways in a report on Friday, May 8th. BTIG Research lifted their price target on International Seaways from $80.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Zacks Research upgraded International Seaways from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 27th. Pareto Securities downgraded International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on International Seaways from $63.00 to $80.00 and gave the company a “buy” rating in a report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $83.50.

International Seaways Price Performance

The company has a current ratio of 7.34, a quick ratio of 7.28 and a debt-to-equity ratio of 0.26. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 7.41 and a beta of -0.12. The stock has a 50-day moving average price of $80.45 and a two-hundred day moving average price of $66.88.

International Seaways (NYSE:INSW) last posted its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $1.03. The firm had revenue of $325.48 million during the quarter, compared to analysts’ expectations of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The business’s quarterly revenue was up 77.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 EPS. As a group, equities research analysts forecast that International Seaways Inc. will post 14.99 EPS for the current year.

International Seaways Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. International Seaways’s dividend payout ratio (DPR) is presently 4.37%.

Insiders Place Their Bets

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $84.23, for a total value of $168,460.00. Following the completion of the sale, the chief executive officer owned 179,745 shares of the company’s stock, valued at $15,139,921.35. This trade represents a 1.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $83.72, for a total value of $83,720.00. Following the completion of the sale, the chief financial officer directly owned 102,984 shares of the company’s stock, valued at $8,621,820.48. The trade was a 0.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 45,530 shares of company stock worth $3,881,355 over the last quarter. Company insiders own 1.70% of the company’s stock.

Institutional Trading of International Seaways

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INSW. Royal Bank of Canada lifted its position in International Seaways by 42.0% during the 1st quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company’s stock worth $311,000 after acquiring an additional 2,768 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 worth $800,000 after acquiring an additional 900 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in International Seaways by 16.8% during 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 acquiring an additional 18,509 shares during the period. Prudential Financial Inc. acquired a new stake in International Seaways during the 2nd quarter worth about $223,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in International Seaways during the 2nd quarter worth about $1,626,000. Institutional investors and hedge funds own 67.29% of the company’s stock.

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.