International Seaways (NYSE:INSW) Shares Gap Down – Time to Sell?

Shares of International Seaways Inc. (NYSE:INSW) gapped down prior to trading on Friday . The stock had previously closed at $82.56, but opened at $77.09. International Seaways shares last traded at $79.7340, with a volume of 53,604 shares.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Zacks Research upgraded International Seaways from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 27th. Weiss Ratings upgraded International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Pareto Securities cut International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. BTIG Research upped their price objective on International Seaways from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Finally, Benchmark reiterated a “buy” rating on shares of International Seaways in a research report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $83.50.

International Seaways Stock Performance

The company has a market cap of $4.04 billion, a PE ratio of 7.41 and a beta of -0.12. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. The business has a 50-day moving average of $80.45 and a 200 day moving average of $66.88.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $1.03. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The business had revenue of $325.48 million during the quarter, compared to analyst estimates of $279.34 million. During the same quarter in the previous year, the company posted $0.80 earnings per share. International Seaways’s revenue for the quarter was up 77.5% on a year-over-year basis. Equities research analysts anticipate that International Seaways Inc. will post 14.99 EPS for the current fiscal year.

International Seaways Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, June 12th. International Seaways’s payout ratio is currently 4.37%.

Insider Buying and Selling

In other International Seaways news, SVP William F. Nugent sold 6,830 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $85.23, for a total transaction of $582,120.90. Following the completion of the sale, the senior vice president owned 49,169 shares of the company’s stock, valued at approximately $4,190,673.87. The trade was a 12.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $83.72, for a total value of $83,720.00. Following the sale, the chief financial officer directly owned 102,984 shares of the company’s stock, valued at $8,621,820.48. This represents a 0.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 45,530 shares of company stock worth $3,881,355. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its position in International Seaways by 85.0% during the first quarter. Parallel Advisors LLC now owns 1,099 shares of the transportation company’s stock valued at $80,000 after purchasing an additional 505 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in International Seaways during the first quarter valued at approximately $3,010,000. Western Wealth Management LLC purchased a new stake in International Seaways during the first quarter valued at approximately $344,000. Cim LLC purchased a new stake in International Seaways during the first quarter valued at approximately $541,000. Finally, EverSource Wealth Advisors LLC raised its position in International Seaways by 11.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,169 shares of the transportation company’s stock valued at $85,000 after purchasing an additional 118 shares during the period. 67.29% of the stock is owned by institutional investors.

About International Seaways

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.