International Seaways (NYSE:INSW) Price Target Raised to $68.00

International Seaways (NYSE:INSWFree Report) had its target price hoisted by Stifel Nicolaus from $66.00 to $68.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the transportation company’s stock.

Several other brokerages have also weighed in on INSW. Deutsche Bank Aktiengesellschaft upped their target price on shares of International Seaways from $62.00 to $66.00 and gave the stock a buy rating in a research report on Thursday, May 9th. StockNews.com upgraded shares of International Seaways from a hold rating to a buy rating in a research report on Thursday, May 9th. Finally, Jefferies Financial Group restated a buy rating and set a $66.00 target price on shares of International Seaways in a research report on Thursday, February 29th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $63.75.

Read Our Latest Analysis on INSW

International Seaways Trading Up 2.1 %

NYSE INSW opened at $59.91 on Thursday. The stock has a market capitalization of $2.96 billion, a P/E ratio of 5.60 and a beta of -0.04. International Seaways has a 52-week low of $35.29 and a 52-week high of $65.94. The firm has a 50-day moving average price of $59.19 and a 200 day moving average price of $53.66. The company has a quick ratio of 2.72, a current ratio of 2.73 and a debt-to-equity ratio of 0.31.

International Seaways (NYSE:INSWGet Free Report) last issued its earnings results on Wednesday, May 8th. The transportation company reported $2.92 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.54. International Seaways had a net margin of 49.88% and a return on equity of 29.74%. The company had revenue of $274.40 million for the quarter, compared to analyst estimates of $249.12 million. During the same period in the prior year, the business posted $3.30 earnings per share. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. Equities research analysts expect that International Seaways will post 10.07 EPS for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 26th. Stockholders of record on Wednesday, June 12th will be given a $1.75 dividend. The ex-dividend date is Wednesday, June 12th. This is a positive change from International Seaways’s previous quarterly dividend of $1.20. This represents a $7.00 annualized dividend and a dividend yield of 11.68%. International Seaways’s dividend payout ratio is currently 4.49%.

Insider Activity

In related news, SVP William F. Nugent sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $64.70, for a total transaction of $194,100.00. Following the sale, the senior vice president now owns 54,803 shares in the company, valued at $3,545,754.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, SVP William F. Nugent sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $64.70, for a total transaction of $194,100.00. Following the sale, the senior vice president now owns 54,803 shares in the company, valued at $3,545,754.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $53.39, for a total transaction of $53,390.00. Following the sale, the chief financial officer now owns 69,010 shares in the company, valued at approximately $3,684,443.90. The disclosure for this sale can be found here. Insiders have sold 70,879 shares of company stock worth $4,336,583 over the last ninety days. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On International Seaways

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in International Seaways by 7.7% during the first quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock worth $212,074,000 after purchasing an additional 286,295 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of International Seaways by 4.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,198,419 shares of the transportation company’s stock valued at $145,464,000 after acquiring an additional 122,642 shares during the period. Donald Smith & CO. Inc. raised its stake in shares of International Seaways by 24.6% in the 4th quarter. Donald Smith & CO. Inc. now owns 1,613,803 shares of the transportation company’s stock valued at $73,396,000 after acquiring an additional 318,962 shares during the period. Frontier Capital Management Co. LLC raised its stake in shares of International Seaways by 20.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 810,675 shares of the transportation company’s stock valued at $36,869,000 after acquiring an additional 139,569 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of International Seaways by 38.1% in the 3rd quarter. American Century Companies Inc. now owns 423,943 shares of the transportation company’s stock valued at $19,077,000 after acquiring an additional 116,923 shares during the period. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Company Profile

(Get Free Report)

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.

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