International Seaways (NYSE:INSW) Sets New 52-Week High – Here’s Why

International Seaways Inc. (NYSE:INSW) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $70.00 and last traded at $66.7550, with a volume of 882 shares changing hands. The stock had previously closed at $67.47.

Analysts Set New Price Targets

INSW has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of International Seaways in a research report on Thursday, January 22nd. BTIG Research raised their price objective on International Seaways from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Zacks Research cut International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Wall Street Zen downgraded International Seaways from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Finally, Pareto Securities upgraded International Seaways from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Tuesday, January 20th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Stock Down 1.3%

The firm’s 50 day simple moving average is $55.55 and its 200-day simple moving average is $50.62. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 15.12 and a beta of -0.19.

Insider Activity

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $63.96, for a total transaction of $127,920.00. Following the completion of the transaction, the chief executive officer directly owned 178,421 shares of the company’s stock, valued at approximately $11,411,807.16. This represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $63.29, for a total value of $63,290.00. Following the transaction, the chief financial officer directly owned 83,463 shares in the company, valued at $5,282,373.27. This trade represents a 1.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,000 shares of company stock worth $502,610 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Institutional Trading of International Seaways

A number of hedge funds have recently modified their holdings of INSW. First Horizon Corp boosted its holdings in shares of International Seaways by 121.6% during the fourth quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock worth $33,000 after acquiring an additional 377 shares during the period. Federated Hermes Inc. boosted its stake in International Seaways by 99.5% in the 3rd quarter. Federated Hermes Inc. now owns 758 shares of the transportation company’s stock valued at $35,000 after purchasing an additional 378 shares during the period. Leonteq Securities AG bought a new stake in International Seaways in the 4th quarter valued at $44,000. Garton & Associates Financial Advisors LLC acquired a new position in International Seaways in the 4th quarter valued at $46,000. Finally, Founders Capital Management increased its position in International Seaways by 37.5% during the 4th quarter. Founders Capital Management now owns 1,100 shares of the transportation company’s stock worth $53,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 67.29% of the company’s stock.

International Seaways Company Profile

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.