William F. Nugent, Senior Vice President at International Seaways, Inc. (NYSE:INSW), has sold 1,000 shares of the company's common stock. The shares were sold at a price of $39.54 each, totaling $39,540. Following this transaction, Nugent holds 50,803 shares in the company. The sale was conducted under a Rule 10b5-1 trading plan, which was established earlier this year.The transaction comes as International Seaways trades near its 52-week low of $38.67, with InvestingPro analysis indicating the stock is currently undervalued. The company maintains a strong financial health rating and offers an attractive 14.79% dividend yield. According to InvestingPro Tips, technical indicators suggest the stock is in oversold territory, potentially presenting an opportunity for value investors.
In other recent news, International Seaways reported a robust performance in the third quarter of 2024, with a net income of $92 million and an adjusted net income of $78 million. The company's EBITDA was over $143 million, and total liquidity was nearing the $700 million mark. In addition to these financial highlights, International Seaways returned approximately $100 million to shareholders through dividends and share repurchases.
The company also announced significant changes to its board leadership, with Douglas Wheat stepping down as Chairman of the Board. Captain Ian Blackley, a board member since the company's inception in 2016, was appointed as the new Chairman.
In the midst of these developments, the company expressed its openness to mergers and acquisitions opportunities in the fragmented market. The low tanker order book, at 12% distributed over four years, supports the company's earnings potential. These are recent developments that have shaped the company's trajectory.
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