CastleKnight Management LP Has $2.80 Million Stock Position in International Seaways Inc. $INSW

CastleKnight Management LP lowered its position in shares of International Seaways Inc. (NYSE:INSW) by 26.8% in the fourth quarter, HoldingsChannel reports. The firm owned 57,650 shares of the transportation company’s stock after selling 21,100 shares during the period. CastleKnight Management LP’s holdings in International Seaways were worth $2,799,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. First Horizon Corp increased its position in shares of International Seaways by 121.6% during the 4th quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock worth $33,000 after purchasing an additional 377 shares in the last quarter. Leonteq Securities AG acquired a new stake in shares of International Seaways during the 4th quarter worth about $44,000. Founders Capital Management increased its position in shares of 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 purchasing an additional 300 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of International Seaways during the 3rd quarter worth about $53,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of International Seaways by 601.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,508 shares of the transportation company’s stock worth $55,000 after purchasing an additional 1,293 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on INSW. Pareto Securities cut shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of International Seaways from $63.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Benchmark restated a “buy” rating on shares of International Seaways in a research report on Thursday, February 26th. Zacks Research upgraded shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 27th. Finally, Weiss Ratings upgraded shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $83.50.

International Seaways Trading Down 0.6%

INSW opened at $81.51 on Thursday. The company has a current ratio of 7.34, a quick ratio of 7.28 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $4.04 billion, a PE ratio of 7.42 and a beta of -0.12. International Seaways Inc. has a 1-year low of $36.03 and a 1-year high of $92.66. The firm has a 50-day moving average price of $81.02 and a two-hundred day moving average price of $67.67.

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

International Seaways Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, June 12th. International Seaways’s dividend payout ratio (DPR) is 4.37%.

Insider Buying and Selling at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.68, for a total value of $81,680.00. Following the transaction, the chief financial officer owned 101,984 shares of the company’s stock, valued at approximately $8,330,053.12. This trade represents a 0.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP William F. Nugent sold 6,830 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $85.23, for a total transaction of $582,120.90. Following the completion of the transaction, the senior vice president directly owned 49,169 shares in the company, valued at $4,190,673.87. This trade represents a 12.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 45,530 shares of company stock worth $3,923,635 over the last quarter. Company insiders own 1.70% of the company’s stock.

International Seaways 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.