International Seaways (NYSE:INSW) Stock Price Down 4.4% – Here’s Why

International Seaways Inc. (NYSE:INSW) traded down 4.4% during trading on Wednesday . The company traded as low as $69.40 and last traded at $69.9150. 156,492 shares traded hands during trading, a decline of 74% from the average session volume of 613,488 shares. The stock had previously closed at $73.15.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on INSW shares. BTIG Research lifted their target price on International Seaways from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Pareto Securities upgraded shares of International Seaways from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Tuesday, January 20th. Zacks Research raised shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 2nd. Benchmark restated a “buy” rating on shares of International Seaways in a research report on Thursday, February 26th. Finally, Weiss Ratings upgraded International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $68.00.

International Seaways Trading Down 0.4%

The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.71 and a current ratio of 3.71. The company has a 50 day simple moving average of $65.58 and a two-hundred day simple moving average of $55.08. The company has a market cap of $3.46 billion, a PE ratio of 11.24 and a beta of -0.23.

International Seaways (NYSE:INSW) last released its earnings results on Thursday, February 26th. The transportation company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.70. International Seaways had a return on equity of 13.92% and a net margin of 36.67%.The firm had revenue of $267.88 million for the quarter, compared to analyst estimates of $245.29 million. During the same quarter last year, the firm posted $0.90 EPS. The company’s revenue was up 37.7% on a year-over-year basis. Sell-side analysts forecast that International Seaways Inc. will post 7.77 EPS for the current year.

International Seaways Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Friday, March 20th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 20th. This represents a $0.48 annualized dividend and a yield of 0.7%. International Seaways’s dividend payout ratio is 7.70%.

Insider Activity at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $66.50, for a total transaction of $66,500.00. Following the sale, the chief financial officer directly owned 100,521 shares in the company, valued at approximately $6,684,646.50. The trade was a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Treasurer Debra Grillo sold 389 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $76.27, for a total value of $29,669.03. Following the completion of the transaction, the treasurer directly owned 1,185 shares of the company’s stock, valued at approximately $90,379.95. This trade represents a 24.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 60,697 shares of company stock worth $4,459,450 in the last three months. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in INSW. First Horizon Corp boosted its holdings in International Seaways by 121.6% during the fourth quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 377 shares in the last quarter. Federated Hermes Inc. grew its position in International Seaways by 99.5% in the third quarter. Federated Hermes Inc. now owns 758 shares of the transportation company’s stock valued at $35,000 after acquiring an additional 378 shares during the period. Leonteq Securities AG acquired a new position in International Seaways during the fourth quarter worth $44,000. Garton & Associates Financial Advisors LLC bought a new position in shares of International Seaways during the fourth quarter valued at $46,000. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of International Seaways by 583.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company’s stock valued at $47,000 after purchasing an additional 822 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

International Seaways Company Profile

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.