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

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on INSW shares. Jefferies Financial Group reaffirmed a “buy” rating and set a $58.00 price target on shares of International Seaways in a report on Thursday, February 27th. SEB Equity Research set a $50.00 price objective on shares of International Seaways in a research report on Friday, January 24th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.50.

International Seaways Price Performance

The firm has a 50-day simple moving average of $34.93 and a 200-day simple moving average of $39.33. The firm has a market capitalization of $1.51 billion, a PE ratio of 2.96 and a beta of -0.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60.

International Seaways Cuts Dividend

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

Insiders Place Their Bets

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $34.66, for a total transaction of $69,320.00. Following the completion of the transaction, the chief executive officer now directly owns 179,557 shares in the company, valued at approximately $6,223,445.62. The trade was a 1.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $32.63, for a total transaction of $32,630.00. Following the sale, the senior vice president now owns 56,846 shares in the company, valued at approximately $1,854,884.98. The trade was a 1.73 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,400 shares of company stock worth $321,856. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Institutional investors have recently bought and sold shares of the business. Banque Transatlantique SA purchased a new stake in shares of International Seaways during the fourth quarter worth about $29,000. Larson Financial Group LLC bought a new stake in shares of International Seaways during the fourth quarter valued at approximately $37,000. Quarry LP lifted its holdings in shares of International Seaways by 169.0% in the fourth quarter. Quarry LP now owns 1,356 shares of the transportation company’s stock worth $49,000 after buying an additional 852 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in International Seaways during the third quarter valued at $52,000. Finally, R Squared Ltd bought a new stake in shares of International Seaways in the fourth quarter worth about $59,000. Hedge funds and other institutional investors 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.