International Seaways (NYSE:INSW) Sets New 12-Month High – Here’s What Happened

International Seaways Inc. (NYSE:INSW)’s stock price reached a new 52-week high on Monday . The company traded as high as $86.00 and last traded at $84.47, with a volume of 1263 shares. The stock had previously closed at $85.14.

Analyst Ratings Changes

A number of analysts recently weighed in on INSW shares. Deutsche Bank Aktiengesellschaft upped their price objective on shares of International Seaways from $63.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Zacks Research lowered shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings lowered shares of International Seaways from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, April 7th. Wall Street Zen raised shares of International Seaways from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 13th. Finally, Benchmark reaffirmed a “buy” rating on shares of International Seaways in a research note on Thursday, February 26th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $81.00.

International Seaways Price Performance

The firm has a market capitalization of $4.20 billion, a P/E ratio of 13.65 and a beta of -0.09. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.71 and a quick ratio of 3.71. The stock’s fifty day simple moving average is $73.49 and its 200 day simple moving average is $60.37.

International Seaways (NYSE:INSW) last announced its earnings results on Thursday, February 26th. The transportation company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.70. The business had revenue of $267.88 million during the quarter, compared to the consensus estimate of $245.29 million. International Seaways had a net margin of 36.67% and a return on equity of 13.92%. The firm’s revenue was up 37.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. On average, equities research analysts predict that International Seaways Inc. will post 9.73 EPS for the current year.

International Seaways Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 30th. Shareholders of record on Friday, March 20th were issued a $0.12 dividend. The ex-dividend date was Friday, March 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. International Seaways’s payout ratio is currently 7.70%.

Insiders Place Their Bets

In other International Seaways news, SVP William F. Nugent sold 9,583 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $76.00, for a total value of $728,308.00. Following the completion of the transaction, the senior vice president directly owned 52,572 shares in the company, valued at approximately $3,995,472. The trade was a 15.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the business’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $74.88, for a total transaction of $374,400.00. Following the completion of the transaction, the director owned 10,213 shares of the company’s stock, valued at $764,749.44. This represents a 32.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 60,697 shares of company stock valued at $4,517,070 in the last three months. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On International Seaways

Several hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC acquired a new position in shares of International Seaways during the first quarter valued at about $364,000. Kestra Advisory Services LLC increased its holdings in shares of International Seaways by 224.3% during the first quarter. Kestra Advisory Services LLC now owns 5,669 shares of the transportation company’s stock valued at $413,000 after acquiring an additional 3,921 shares in the last quarter. QRG Capital Management Inc. increased its holdings in shares of International Seaways by 7.5% during the first quarter. QRG Capital Management Inc. now owns 28,217 shares of the transportation company’s stock valued at $2,056,000 after acquiring an additional 1,973 shares in the last quarter. Lesa Sroufe & Co increased its holdings in shares of International Seaways by 1.5% during the first quarter. Lesa Sroufe & Co now owns 59,688 shares of the transportation company’s stock valued at $4,350,000 after acquiring an additional 854 shares in the last quarter. Finally, Acorn Financial Advisory Services Inc. ADV acquired a new position in shares of International Seaways during the first quarter valued at about $13,145,000. Institutional investors and hedge funds own 67.29% of the company’s stock.

About International Seaways

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.