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

International Seaways Inc. (NYSE:INSW) reached a new 52-week high during trading on Wednesday . The stock traded as high as $106.73 and last traded at $103.6960, with a volume of 828368 shares changing hands. The stock had previously closed at $104.50.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on INSW. Weiss Ratings reiterated a “buy (b-)” rating on shares of International Seaways in a report on Friday, August 7th. BTIG Research upped their price objective on shares of International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Zacks Research lowered shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $107.00 price objective on shares of International Seaways in a report on Tuesday, September 1st. Finally, Pareto Securities downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.75.

International Seaways Trading Down 0.8%

The company has a debt-to-equity ratio of 0.27, a quick ratio of 5.76 and a current ratio of 5.94. The firm has a market capitalization of $5.14 billion, a P/E ratio of 6.63, a PEG ratio of 0.27 and a beta of -0.13. The firm has a 50 day simple moving average of $93.19 and a two-hundred day simple moving average of $83.21.

International Seaways (NYSE:INSW) last announced its earnings results on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, beating the consensus estimate of $5.55 by $0.36. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The company had revenue of $467.29 million during the quarter, compared to the consensus estimate of $406.38 million. During the same quarter in the prior year, the company posted $1.02 earnings per share. The firm’s revenue for the quarter was up 138.9% on a year-over-year basis. Equities research analysts forecast that International Seaways Inc. will post 16.09 earnings per share for the current year.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders 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 dividend yield of 19.5%. This is an increase from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is 3.07%.

Insider Buying and Selling

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.68, for a total value of $81,680.00. Following the transaction, the chief financial officer owned 101,984 shares of the company’s stock, valued at approximately $8,330,053.12. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction 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 owned 173,745 shares of the company’s stock, valued at $17,103,457.80. This trade represents a 1.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,000 shares of company stock worth $441,240 in the last 90 days. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On International Seaways

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in International Seaways by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company’s stock valued at $31,013,000 after acquiring an additional 12,188 shares during the last quarter. Resolute Capital LLC bought a new stake in shares of International Seaways in the 4th quarter worth approximately $1,273,000. NewEdge Wealth LLC raised its holdings in shares of International Seaways by 43.1% in the 1st quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company’s stock worth $1,818,000 after purchasing an additional 7,511 shares during the period. Cercano Management LLC purchased a new position in International Seaways in the fourth quarter valued at approximately $4,137,000. Finally, Energy Income Partners LLC purchased a new position in International Seaways in the second quarter valued at approximately $4,161,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

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.