In a recent transaction on June 14, James D. Small III, the CAO, SVP, Secretary, and General Counsel of International Seaways, Inc. (NYSE:INSW), sold 7,500 shares of the company's stock. The sale was executed at a weighted average price of $55.1971 per share, resulting in a total value of approximately $414,000.
The transaction took place through multiple trades with prices ranging from $55.06 to $55.57 per share. Following the sale, Small now directly owns 55,138 shares in the company, which is a leading provider of energy transportation services for crude oil and petroleum products.
Investors often monitor insider transactions as they can provide insights into the executive's view of the company's current valuation and future prospects. The details of the sale, including the range of prices and the weighted average price, offer additional context for market observers assessing the significance of the transaction.
International Seaways, Inc., headquartered in New York, operates a fleet of vessels that provide global shipping services, contributing to the company's standing in the water transportation industry.
As per the requirements, Small has committed to providing full information regarding the number of shares and the specific prices at which the sales were conducted if requested by the SEC staff, the issuer, or any security holder of the issuer.
This recent stock sale by a key executive is a notable event for shareholders and potential investors, as it reflects a substantial transaction involving the company's stock.
In other recent news, International Seaways Inc . has posted a strong Q1 2024 financial report. The company announced a net income of $145 million, or $2.92 per diluted share, and an adjusted EBITDA of over $190 million, demonstrating a robust financial position. This strength is further evidenced by the consolidation of term loans into increased revolver capacity, leading to significant savings and a total liquidity of over $626 million.
The company is poised to take advantage of market opportunities with the delivery of new eco MR vessels and the declaration of options for two dual-fuel ready LR1s. A dividend of $1.75 per share, representing 60% of the adjusted net income, has been declared.
International Seaways' strategy focuses on fleet renewal and growth opportunities, with selective pruning of the fleet to accommodate new acquisitions. Forward-looking guidance includes a blended average spot TCE of approximately $43,700 per day for the quarter. These are the recent developments and highlights that could impact the company's future growth and value creation for shareholders.
InvestingPro Insights
International Seaways, Inc. (NYSE:INSW), a prominent player in the energy transportation sector, has recently caught the eye of market participants following insider trading activity. While insider transactions are closely watched, it is also essential to consider the company's broader financial health and market performance. InvestingPro data sheds light on key metrics that can provide investors with a more comprehensive view of INSW's current standing.
As of the last twelve months leading up to Q1 2024, International Seaways has maintained a solid market capitalization of $2.73 billion, underpinned by a Price-to-Earnings (P/E) ratio of 5.34. This valuation metric suggests that the company's earnings are robust relative to its share price. Furthermore, INSW boasts a significant Gross Profit Margin of 70.04%, indicating a strong ability to manage its cost of goods sold and retain earnings from sales.
For income-focused investors, INSW's Dividend Yield stands at an attractive 10.43% as of mid-2024, complemented by a substantial dividend growth rate of 70.83% over the last twelve months leading up to Q1 2024. This performance aligns with one of the InvestingPro Tips highlighting INSW's track record of raising its dividend for four consecutive years, which can be a sign of the company's commitment to returning value to shareholders.
Investors looking for further insights should note that there are additional InvestingPro Tips available for International Seaways. These include observations on the company's shareholder yield and analysts' positive earnings revisions for the upcoming period. For a deeper dive into these tips and to uncover the full suite of data, investors can explore InvestingPro's platform using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 15 InvestingPro Tips that can aid in making informed investment decisions regarding INSW.
Lastly, it's worth noting that despite a recent price dip, with a 1-week total return of -8.56%, the company's 6-month and 1-year price total returns have been positive, at 30.32% and 64.47% respectively. This suggests a potentially favorable long-term trend for INSW's stock performance.
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