International Seaways (NYSE:INSW) Stock Price Down 8.1% Following Weak Earnings

International Seaways, Inc. (NYSE:INSW)’s share price was down 8.1% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $33.86 and last traded at $33.51. Approximately 562,222 shares traded hands during trading, a decline of 36% from the average daily volume of 883,202 shares. The stock had previously closed at $36.47.

The transportation company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.81). International Seaways had a return on equity of 24.65% and a net margin of 50.91%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on INSW shares. Jefferies Financial Group reduced their target price on shares of International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. SEB Equity Research set a $50.00 price objective on International Seaways in a research note on Friday, January 24th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.00.

Insider Buying and Selling at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $35.07, for a total value of $35,070.00. Following the sale, the senior vice president now directly owns 49,803 shares in the company, valued at approximately $1,746,591.21. This trade represents a 1.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 3,000 shares of company stock valued at $113,710 in the last quarter. Company insiders own 1.90% of the company’s stock.

Institutional Trading of International Seaways

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in shares of International Seaways by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 943,375 shares of the transportation company’s stock valued at $48,650,000 after purchasing an additional 38,871 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in shares of International Seaways in the 3rd quarter worth approximately $2,161,000. Charles Schwab Investment Management Inc. lifted its stake in shares of International Seaways by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 430,658 shares of the transportation company’s stock valued at $22,205,000 after purchasing an additional 32,825 shares during the period. Barclays PLC boosted its position in shares of International Seaways by 206.3% during the third quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after purchasing an additional 174,695 shares in the last quarter. Finally, FMR LLC boosted its position in shares of International Seaways by 221.0% during the third quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after purchasing an additional 414,610 shares in the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Stock Performance

The company has a 50 day moving average of $37.68 and a two-hundred day moving average of $43.23. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60. The company has a market capitalization of $1.66 billion, a PE ratio of 3.25 and a beta of -0.11.

International Seaways Company Profile

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.