Director Randee Day of International Seaways Inc. (NYSE: INSW) sold 2,635 shares of the company on March 3, 2024, in a transaction valued at $198,679. The shares were sold at an average price of $75.40, resulting in a significant change in Day’s holdings, which now total 22,525 shares. This represents a decrease of 10.47% in their position, with a current valuation of approximately $1,698,385.
The sale was disclosed in a filing with the Securities and Exchange Commission (SEC), accessible through the SEC’s website. Following the announcement, shares of International Seaways experienced a decline, falling by 3.8% to $72.55 during mid-day trading on March 7, 2024. The trading volume reached 912,286 shares, surpassing the average volume of 595,200 shares.
Company Performance and Financial Metrics
International Seaways has demonstrated strong financial performance recently. The company reported earnings per share (EPS) of $2.45 for the last quarter, exceeding the consensus estimate of $1.75 by $0.70. Revenue for the quarter stood at $267.88 million, also surpassing the expected $245.29 million. This represents a year-over-year revenue increase of 37.7%. The company’s net margin was recorded at 36.67%, with a return on equity of 13.92%.
As of now, International Seaways has a market capitalization of $3.58 billion, a price-to-earnings ratio of 11.65, and a beta of -0.23. The firm’s stock has traded between a fifty-two week low of $27.20 and a high of $78.51. Its debt-to-equity ratio is reported at 0.27, with both a quick ratio and current ratio of 3.71.
Stock Ratings and Analyst Insights
Recent reports from various research analysts have provided insights into International Seaways’ stock. Benchmark reaffirmed a “buy” rating on February 26, while Zacks Research upgraded the stock from a “hold” to a “strong-buy” on March 4. Additionally, Pareto Securities increased its rating from “hold” to “buy,” setting a target price of $64.00. Conversely, Wall Street Zen downgraded the stock from “buy” to “hold” earlier in February.
Overall, a consensus rating of “Buy” has emerged among analysts, with a target price averaging around $64.00.
Institutional investors have shown interest in the company as well. Recent movements include the Oregon Public Employees Retirement Fund, which increased its stake in the fourth quarter by 2.2%, now holding 9,300 shares valued at $452,000. Other significant institutional investments include the Arizona State Retirement System and ProShare Advisors LLC, both of which have also raised their stakes in the company.
As of now, institutional investors and hedge funds own approximately 67.29% of International Seaways’ stock, indicating strong institutional confidence in the company.
International Seaways, an independent tanker company, specializes in the transportation of crude oil and refined petroleum products. With a diverse fleet, the company supports global energy supply chains across major trade routes. Founded in 1997 as Diamond S Shipping, it rebranded to International Seaways in September 2018. The company remains positioned to navigate the evolving energy sector and adapt to market demands.
