International Seaways (NYSE:INSW) Upgraded at StockNews.com

StockNews.com upgraded shares of International Seaways (NYSE:INSWFree Report) from a hold rating to a buy rating in a research note issued to investors on Thursday morning.

A number of other research analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of International Seaways from $62.00 to $66.00 and gave the company a buy rating in a research report on Thursday. Stifel Nicolaus lifted their price target on shares of International Seaways from $64.00 to $66.00 and gave the company a buy rating in a research report on Thursday. Finally, Jefferies Financial Group restated a buy rating and set a $66.00 price objective on shares of International Seaways in a research note on Thursday, February 29th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, International Seaways has an average rating of Buy and an average price target of $63.25.

Read Our Latest Report on International Seaways

International Seaways Trading Down 0.8 %

Shares of NYSE:INSW traded down $0.50 on Thursday, hitting $61.40. The company had a trading volume of 621,786 shares, compared to its average volume of 528,203. The firm’s 50-day simple moving average is $53.85 and its two-hundred day simple moving average is $50.60. International Seaways has a 1 year low of $34.77 and a 1 year high of $62.92. The company has a quick ratio of 2.37, a current ratio of 2.38 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 5.46 and a beta of -0.05.

International Seaways (NYSE:INSWGet Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The transportation company reported $2.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.54. International Seaways had a net margin of 51.92% and a return on equity of 32.03%. The company had revenue of $274.40 million during the quarter, compared to analysts’ expectations of $249.12 million. During the same period last year, the company posted $3.30 EPS. International Seaways’s revenue was down 4.4% on a year-over-year basis. Equities analysts anticipate that International Seaways will post 9.33 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Shareholders of record on Wednesday, June 12th will be paid a dividend of $1.75 per share. This is a positive change from International Seaways’s previous quarterly dividend of $1.20. This represents a $7.00 dividend on an annualized basis and a yield of 11.40%. The ex-dividend date of this dividend is Wednesday, June 12th. International Seaways’s dividend payout ratio (DPR) is currently 4.27%.

Insider Transactions at International Seaways

In other news, Director Alexandra Kate Blankenship sold 6,000 shares of International Seaways stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $53.09, for a total value of $318,540.00. Following the completion of the sale, the director now directly owns 19,098 shares in the company, valued at $1,013,912.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $54.87, for a total transaction of $54,870.00. Following the completion of the sale, the chief financial officer now directly owns 76,849 shares in the company, valued at $4,216,704.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexandra Kate Blankenship sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $53.09, for a total transaction of $318,540.00. Following the sale, the director now owns 19,098 shares of the company’s stock, valued at $1,013,912.82. The disclosure for this sale can be found here. Insiders sold 58,846 shares of company stock worth $3,074,618 over the last three months. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of International Seaways

Several large investors have recently added to or reduced their stakes in INSW. SG Americas Securities LLC bought a new stake in International Seaways during the third quarter valued at approximately $224,000. Raymond James & Associates purchased a new position in International Seaways during the third quarter valued at approximately $274,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in International Seaways by 34.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,535 shares of the transportation company’s stock valued at $294,000 after purchasing an additional 1,683 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in International Seaways by 204.7% during the third quarter. Mackenzie Financial Corp now owns 35,228 shares of the transportation company’s stock valued at $1,509,000 after purchasing an additional 23,667 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in International Seaways by 126.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 145,638 shares of the transportation company’s stock valued at $6,554,000 after purchasing an additional 81,377 shares in the last quarter. 67.29% of the stock is currently owned by institutional investors.

International Seaways Company Profile

(Get Free Report)

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.

Further Reading

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