International Seaways, Inc. (NYSE:INSW) CFO Jeffrey Pribor has sold a significant portion of his company shares, according to the latest SEC filings. On June 7, 2024, Pribor, who also serves as the company's Senior Vice President and Treasurer, parted with 35,000 shares of International Seaways' common stock at a weighted average price of $62.3736 per share, totaling approximately $2.18 million.
This transaction was conducted in multiple trades, and the price reported is the weighted average sale price for all shares sold. Following this sale, Pribor still owns 40,849 shares of International Seaways, indicating a continued investment in the company's future.
Investors often monitor insider transactions as they can provide insights into how the top executives view the company's stock value and prospects. Jeffrey Pribor's recent stock sale might therefore be of interest to current and potential shareholders, as it represents a substantial change in his holdings of the company's stock.
The details of the transaction, including the exact number of shares sold at each price point, have not been disclosed in the filing. However, Pribor has agreed to provide full information regarding the specifics of the transaction upon request by the SEC staff, the issuer, or any security holder of the issuer.
International Seaways, headquartered in New York, operates in the water transportation industry and has undergone several changes in its corporate structure, including a name change from OSG International, Inc. in 2016.
Investors and analysts will likely be watching to see how this insider transaction may impact the stock's performance and the overall direction of the company moving forward.
In other recent news, International Seaways reported robust financial results for the first quarter of 2024. The company announced a net income of $145 million, or $2.92 per diluted share, and an adjusted EBITDA exceeding $190 million. Significant savings were achieved by consolidating term loans into increased revolver capacity, enhancing the company's balance sheet.
In preparation for market opportunities, International Seaways has taken delivery of new eco MR vessels and declared options for two dual-fuel ready LR1s. The company declared a substantial dividend of $1.75 per share, representing 60% of the adjusted net income. The company maintains a strong financial position, with total liquidity exceeding $626 million.
Recent developments also include a forward-looking guidance of a blended average spot TCE of approximately $43,700 per day for the quarter. The company's strategy emphasizes fleet renewal and growth opportunities, with selective pruning of the fleet to accommodate new acquisitions. There were no significant negative financial indicators highlighted in the earnings call.
InvestingPro Insights
As investors digest the news of CFO Jeffrey Pribor's significant sale of International Seaways (NYSE:INSW) shares, it's worth noting the company's strong financial metrics that may influence shareholder sentiment. International Seaways boasts a market capitalization of approximately $3.01 billion and maintains a healthy P/E ratio of 5.63, suggesting that the stock could be undervalued relative to its earnings. Additionally, the company's revenue for the last twelve months as of Q1 2024 stands at $1.059 billion, with a robust gross profit margin of 70.04%, indicating efficient operations and profitability.
From an investment standpoint, International Seaways has demonstrated a commitment to returning value to shareholders. This is evidenced by the company's consistent dividend growth, having raised its dividend for four consecutive years, and offering a substantial dividend yield of 9.74% as of the latest data. Moreover, the stock has experienced a notable price increase over the past six months, with a total return of 43.27%, which may attract investors looking for capital appreciation.
For those interested in further analysis, InvestingPro provides additional insights that could be pivotal for evaluating International Seaways' future performance. Among the 14 additional InvestingPro Tips available, the company's high shareholder yield and the fact that analysts have revised their earnings upwards for the upcoming period are particularly noteworthy. These aspects, combined with the company's moderate debt levels and strong returns over various time frames, paint a picture of a potentially resilient investment in the current market.
Investors looking to gain deeper insights into International Seaways' financial health and future prospects can explore more InvestingPro Tips by visiting https://www.investing.com/pro/INSW. Additionally, those considering an upgrade to a yearly or biyearly Pro or Pro+ subscription can benefit from an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.