International Seaways (NYSE:INSW) Shares Down 2.9% – Here’s What Happened

Shares of International Seaways, Inc. (NYSE:INSW) traded down 2.9% during mid-day trading on Tuesday . The company traded as low as $31.29 and last traded at $30.73. 29,972 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 723,420 shares. The stock had previously closed at $31.65.

Wall Street Analysts Forecast Growth

INSW has been the subject of a number of analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $58.00 target price on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 price target on International Seaways in a research report on Friday, January 24th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, International Seaways currently has a consensus rating of “Moderate Buy” and an average target price of $57.50.

International Seaways Trading Down 3.1 %

The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The stock’s 50 day moving average is $34.93 and its 200-day moving average is $39.33. The company has a market capitalization of $1.51 billion, a P/E ratio of 2.96 and a beta of -0.01.

International Seaways Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Friday, March 14th. International Seaways’s dividend payout ratio is currently 5.72%.

Insider Activity at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $33.89, for a total value of $33,890.00. Following the sale, the senior vice president now owns 55,852 shares in the company, valued at $1,892,824.28. This represents a 1.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction on Monday, March 17th. The shares were sold at an average price of $34.66, for a total value of $69,320.00. Following the transaction, the chief executive officer now owns 179,557 shares of the company’s stock, valued at $6,223,445.62. The trade was a 1.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,400 shares of company stock worth $321,856 over the last ninety days. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of International Seaways

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of International Seaways by 4.3% in the third quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock worth $48,650,000 after buying an additional 38,871 shares in the last quarter. Barclays PLC raised its holdings in International Seaways by 206.3% in the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock worth $13,374,000 after acquiring an additional 174,695 shares during the last quarter. Janus Henderson Group PLC lifted its position in International Seaways by 51.3% in the 3rd quarter. Janus Henderson Group PLC now owns 60,107 shares of the transportation company’s stock valued at $3,098,000 after acquiring an additional 20,372 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in International Seaways by 1,677.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 110,945 shares of the transportation company’s stock valued at $3,987,000 after purchasing an additional 104,704 shares during the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in shares of International Seaways in the 4th quarter worth $804,000. 67.29% of the stock is currently owned by institutional investors.

International Seaways Company Profile

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.