International Seaways, Inc. (NYSE:INSW) has reported a significant transaction by one of its directors, Douglas D. Wheat. On June 13, 2024, Wheat sold a total of 4,532 shares of the company's common stock. The sale was executed in multiple trades at prices ranging from $58.00 to $58.215, with the weighted average sale price reported at $58.1534 per share. The total value of the shares sold by Wheat amounted to approximately $263,551.
This transaction has adjusted Wheat's holdings in International Seaways to 20,634 shares following the sale. The company, which operates within the water transportation industry, has its shares listed on the New York Stock Exchange under the ticker symbol INSW.
Investors and the market keep a close eye on insider transactions, as they can provide insights into the perspectives of company executives and directors regarding the firm's prospects. While the reasons behind Wheat's decision to sell a portion of his holdings are not disclosed, the transaction is part of the normal course of business that directors and executives undertake with their equity stakes.
International Seaways, formerly known as OSG International, INC, has its headquarters in New York and is incorporated in the state of Marshall Islands. The company is recognized for its global operations in energy and transportation sectors, particularly focusing on the maritime shipping of crude oil and petroleum products.
The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission, which documents the changes in ownership of company insiders. The reporting owner, Wheat, is affiliated with Wheat Investments, LLC, and serves as a director for International Seaways, signifying his role in the company's governance.
The recent filing provides transparency into the trading activities of company insiders, offering investors a glimpse into the actions taken by those with intimate knowledge of the company. While the reasons for Wheat's stock sale remain private, the disclosed information allows shareholders to monitor the alignment of interests between themselves and the company's management and board members.
In other recent news, International Seaways has reported strong Q1 2024 financial results, posting a net income of $145 million and an adjusted EBITDA of over $190 million. The firm has successfully consolidated term loans into increased revolver capacity, resulting in significant savings. With the introduction of new eco MR vessels and the declaration of options for two dual-fuel ready LR1s, the company is well-positioned to leverage market opportunities.
Additionally, International Seaways declared a dividend of $1.75 per share, representing 60% of the adjusted net income. The firm's financial health remains solid, boasting over $626 million in total liquidity and a robust cash position.
In terms of future expectations, the company aims to lower breakeven costs and enhance shareholder returns, while maintaining a healthy balance sheet. The firm's strategy focuses on fleet renewal and growth opportunities, with select pruning of the fleet to accommodate new acquisitions. International Seaways continues its focus on strategic fleet management and capitalizing on favorable market conditions.
InvestingPro Insights
Following the recent insider transaction at International Seaways, Inc. (NYSE:INSW), where director Douglas D. Wheat sold shares, investors may benefit from additional context provided by InvestingPro's real-time metrics and tips. The company's current Market Capitalization stands at $2.73 billion, with a notably low Price to Earnings (P/E) Ratio of 5.09, indicating the stock might be undervalued relative to its earnings. Moreover, the company's Price to Book (P/B) ratio as of the last twelve months ending Q1 2024 is 1.52, suggesting that the stock is trading at a reasonable valuation compared to its net asset value.
International Seaways has demonstrated a commitment to rewarding its shareholders, as evidenced by an impressive Dividend Yield of 10.43%, and has consistently raised its dividend for the past four consecutive years. This is a testament to the company's financial stability and its confidence in generating sufficient cash flow to support dividend payments. Additionally, the firm's solid gross profit margin of 70.04% over the last twelve months reflects its strong operational efficiency.
InvestingPro Tips also highlight that International Seaways has experienced a large price uptick over the last six months, with a total return of 30.32%, and has delivered a high return over the last year, with a 64.47% increase. Such performance may interest investors looking for growth in their portfolio. Furthermore, the company's stock generally trades with low price volatility, which could be appealing for those seeking stability in their investments.
For investors intrigued by these insights, there are additional InvestingPro Tips available on the company. There are 15 additional tips listed on InvestingPro for International Seaways, which can provide a deeper understanding of the company's financial health and market performance. To explore these further, visit https://www.investing.com/pro/INSW and take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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