Shell Asset Management Co. Reduces Stock Position in International Seaways, Inc. (NYSE:INSW)

Shell Asset Management Co. decreased its holdings in International Seaways, Inc. (NYSE:INSWGet Rating) by 12.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,215 shares of the transportation company’s stock after selling 2,402 shares during the quarter. Shell Asset Management Co.’s holdings in International Seaways were worth $293,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Point72 Hong Kong Ltd bought a new stake in shares of International Seaways during the fourth quarter valued at approximately $29,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in International Seaways in the fourth quarter worth about $146,000. Pacific Ridge Capital Partners LLC lifted its stake in International Seaways by 15.9% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 319,546 shares of the transportation company’s stock worth $4,691,000 after acquiring an additional 43,861 shares during the period. BNP Paribas Arbitrage SA lifted its stake in International Seaways by 57.6% in the fourth quarter. BNP Paribas Arbitrage SA now owns 19,718 shares of the transportation company’s stock worth $289,000 after acquiring an additional 7,204 shares during the period. Finally, New York State Common Retirement Fund raised its holdings in International Seaways by 10.9% in the fourth quarter. New York State Common Retirement Fund now owns 30,890 shares of the transportation company’s stock worth $453,000 after purchasing an additional 3,044 shares in the last quarter. Hedge funds and other institutional investors own 78.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. StockNews.com upgraded International Seaways to a “sell” rating in a research report on Friday, April 29th. Stifel Nicolaus increased their price objective on International Seaways from $27.00 to $31.00 in a research note on Tuesday, July 19th. Jefferies Financial Group began coverage on International Seaways in a research note on Wednesday, July 20th. They issued a “buy” rating and a $30.00 target price for the company. Clarkson Capital reaffirmed a “buy” rating on shares of International Seaways in a research note on Tuesday, June 14th. Finally, BTIG Research raised International Seaways from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.33.

International Seaways Trading Up 2.2 %

NYSE:INSW opened at $24.78 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.81. International Seaways, Inc. has a 12-month low of $13.05 and a 12-month high of $25.53. The firm has a market cap of $1.23 billion, a P/E ratio of -8.12 and a beta of 0.12. The stock’s 50 day simple moving average is $22.16 and its 200-day simple moving average is $19.89.

International Seaways (NYSE:INSWGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The transportation company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.09. The company had revenue of $101.48 million during the quarter, compared to analysts’ expectations of $93.90 million. International Seaways had a negative return on equity of 7.65% and a negative net margin of 40.68%. During the same period in the previous year, the firm posted ($0.48) earnings per share. Equities analysts anticipate that International Seaways, Inc. will post 3.25 EPS for the current year.

International Seaways Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 29th. Shareholders of record on Friday, June 17th were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, June 16th. This is a positive change from International Seaways’s previous quarterly dividend of $0.06. This represents a $0.48 annualized dividend and a yield of 1.94%. International Seaways’s dividend payout ratio is currently -15.74%.

Insider Transactions at International Seaways

In related news, CAO James D. Small III sold 19,000 shares of the stock in a transaction dated Friday, June 10th. The stock was sold at an average price of $23.38, for a total value of $444,220.00. Following the completion of the transaction, the chief accounting officer now owns 47,222 shares of the company’s stock, valued at $1,104,050.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other International Seaways news, CAO James D. Small III sold 19,000 shares of the stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $23.38, for a total transaction of $444,220.00. Following the transaction, the chief accounting officer now owns 47,222 shares of the company’s stock, valued at approximately $1,104,050.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO James D. Small III sold 7,000 shares of the stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $22.39, for a total value of $156,730.00. Following the sale, the chief accounting officer now owns 40,222 shares in the company, valued at $900,570.58. The disclosure for this sale can be found here. Insiders sold 28,000 shares of company stock valued at $645,360 over the last quarter. Company insiders own 2.90% of the company’s stock.

International Seaways Profile

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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, 2021, the company owned and operated a fleet of 83 vessels, which include 12 chartered-in vessels, as well as had ownership interests in two floating storage and offloading service vessels.

Further Reading

Institutional Ownership by Quarter for International Seaways (NYSE:INSW)

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