Key Points
- CEO Lois Zabrocky sold 2,000 International Seaways shares at an average price of $98.44, receiving $196,880 and reducing her direct stake by 1.14% to 173,745 shares.
- International Seaways reported quarterly EPS of $5.91, beating estimates of $5.55, while revenue surged 138.9% year over year to $467.29 million.
- The company announced a quarterly dividend of $5.05 per share, implying a $20.20 annualized payout and a 20.4% yield; analysts maintain an overall “Buy” rating, with Jefferies raising its price target to $108.
International Seaways Inc. (NYSE:INSW - Get Free Report) CEO Lois Zabrocky sold 2,000 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $98.44, for a total value of $196,880.00. Following the completion of the transaction, the chief executive officer directly owned 173,745 shares of the company's stock, valued at $17,103,457.80. This represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
International Seaways Stock Up 0.7%
NYSE:INSW opened at $99.02 on Wednesday. International Seaways Inc. has a one year low of $41.42 and a one year high of $99.68. 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 market cap of $4.90 billion, a PE ratio of 6.33 and a beta of -0.13. The firm's 50 day simple moving average is $87.98 and its 200 day simple moving average is $79.13.
International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.36. The firm had revenue of $467.29 million during the quarter, compared to analysts' expectations 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 was up 138.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.02 EPS. On average, research analysts anticipate that International Seaways Inc. will post 15.89 earnings per share for the current year.
International Seaways Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a dividend of $5.05 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $20.20 annualized dividend and a yield of 20.4%. This is an increase from International Seaways's previous quarterly dividend of $0.12. International Seaways's dividend payout ratio is 3.07%.
Hedge Funds Weigh In On International Seaways
Several hedge funds and other institutional investors have recently bought and sold shares of INSW. Quantbot Technologies LP acquired a new stake in International Seaways during the 2nd quarter worth about $28,000. First Horizon Corp lifted its stake in shares of International Seaways by 121.6% in the 4th quarter. First Horizon Corp now owns 687 shares of the transportation company's stock valued at $33,000 after purchasing an additional 377 shares during the period. Leonteq Securities AG bought a new stake in shares of International Seaways during the 4th quarter valued at about $44,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of International Seaways during the 4th quarter valued at about $46,000. Finally, Rockefeller Capital Management L.P. grew its stake in International Seaways by 583.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company's stock worth $47,000 after purchasing an additional 822 shares during the period. Institutional investors and hedge funds own 67.29% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have commented on the company. BTIG Research upped their price target on International Seaways from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Jefferies Financial Group raised their price objective on International Seaways from $100.00 to $108.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Pareto Securities lowered International Seaways from a "buy" rating to a "hold" rating in a research note on Monday, May 18th. Zacks Research upgraded International Seaways from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of International Seaways in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $88.00.
Check Out Our Latest Research Report on International Seaways
About International Seaways
(
Get Free Report)
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.
Further Reading
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