Wealth Enhancement Advisory Services LLC Makes New Investment in International Seaways Inc. $INSW

Wealth Enhancement Advisory Services LLC purchased a new position in International Seaways Inc. (NYSE:INSW) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,271 shares of the transportation company’s stock, valued at approximately $325,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INSW. Pacer Advisors Inc. purchased a new position in International Seaways in the 1st quarter worth $17,331,000. Encompass Capital Advisors LLC purchased a new position in shares of International Seaways in the first quarter worth about $9,957,000. Nuveen LLC purchased a new position in shares of International Seaways in the first quarter worth about $9,079,000. Baird Financial Group Inc. purchased a new position in shares of International Seaways in the first quarter worth about $6,965,000. Finally, Envestnet Asset Management Inc. raised its stake in shares of International Seaways by 1,452.6% in the first quarter. Envestnet Asset Management Inc. now owns 145,444 shares of the transportation company’s stock worth $4,829,000 after purchasing an additional 136,076 shares during the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Insider Activity at International Seaways

In other news, CAO James D. Small III sold 5,000 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $41.35, for a total transaction of $206,750.00. Following the completion of the sale, the chief accounting officer owned 69,292 shares of the company’s stock, valued at $2,865,224.20. This represents a 6.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $48.27, for a total transaction of $48,270.00. Following the sale, the chief financial officer directly owned 63,502 shares of the company’s stock, valued at $3,065,241.54. The trade was a 1.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,000 shares of company stock worth $799,770 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INSW. Weiss Ratings reissued a “hold (c+)” rating on shares of International Seaways in a research report on Wednesday. BTIG Research reduced their price objective on International Seaways from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, International Seaways has an average rating of “Moderate Buy” and a consensus price target of $53.50.

International Seaways Stock Down 0.6%

International Seaways stock opened at $44.10 on Thursday. The stock has a market capitalization of $2.18 billion, a PE ratio of 9.17 and a beta of 0.01. International Seaways Inc. has a 12 month low of $27.20 and a 12 month high of $52.66. The business has a 50 day simple moving average of $45.11 and a 200-day simple moving average of $39.46. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Wednesday, August 6th. The transportation company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.91 by $0.11. The company had revenue of $188.82 million during the quarter, compared to analyst estimates of $199.06 million. International Seaways had a net margin of 29.88% and a return on equity of 11.35%. The firm’s revenue was down 24.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.37 EPS. On average, analysts anticipate that International Seaways Inc. will post 7.77 EPS for the current fiscal year.

International Seaways Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 10th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, September 10th. International Seaways’s payout ratio is 9.98%.

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.