Jefferies Financial Group Lowers International Seaways (NYSE:INSW) Price Target to $60.00

International Seaways (NYSE:INSW) had its target price trimmed by Jefferies Financial Group from $66.00 to $60.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the transportation company’s stock.

INSW has been the subject of several other research reports. StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and cut their price target for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.67.

International Seaways Stock Down 1.6 %

INSW traded down $0.69 during trading on Thursday, hitting $41.95. The company had a trading volume of 167,300 shares, compared to its average volume of 579,357. The company has a market cap of $2.06 billion, a PE ratio of 4.12 and a beta of -0.06. International Seaways has a 1-year low of $41.50 and a 1-year high of $65.94. The business has a 50-day moving average of $48.51 and a 200-day moving average of $54.04. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.87.

International Seaways (NYSE:INSW) last issued its earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. The company had revenue of $225.20 million for the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The firm’s revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.99 earnings per share. As a group, analysts forecast that International Seaways will post 7.93 earnings per share for the current year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a $1.32 dividend. The ex-dividend date is Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a yield of 12.59%. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio is currently 4.64%.

Insider Buying and Selling

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $50.30, for a total transaction of $100,600.00. Following the transaction, the chief executive officer now owns 155,475 shares of the company’s stock, valued at approximately $7,820,392.50. The trade was a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Derek G. Solon sold 1,000 shares of International Seaways stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.75, for a total transaction of $49,750.00. Following the sale, the senior vice president now owns 46,887 shares in the company, valued at $2,332,628.25. This represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,000 shares of company stock worth $640,120. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Several institutional investors and hedge funds have recently made changes to their positions in INSW. FMR LLC boosted its stake in shares of International Seaways by 221.0% in the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after purchasing an additional 414,610 shares in the last quarter. Millennium Management LLC acquired a new position in International Seaways during the 2nd quarter worth about $21,875,000. Vanguard Group Inc. raised its holdings in International Seaways by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock worth $212,074,000 after purchasing an additional 286,295 shares during the last quarter. American Century Companies Inc. raised its holdings in International Seaways by 25.7% during the 2nd quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after purchasing an additional 252,492 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in International Seaways during the 2nd quarter worth about $8,781,000. Institutional investors and hedge funds own 67.29% of the company’s stock.

About International Seaways

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.