International Seaways (NYSE:INSW) Posts Quarterly Earnings Results, Beats Expectations By $0.48 EPS

International Seaways (NYSE:INSW) issued its quarterly earnings results on Monday. The transportation company reported $5.91 earnings per share for the quarter, beating the consensus estimate of $5.43 by $0.48, FiscalAI reports. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The company had revenue of $467.29 million during the quarter, compared to analysts’ expectations of $403.24 million.

International Seaways Trading Down 0.5%

NYSE:INSW opened at $91.99 on Monday. International Seaways has a 12 month low of $41.20 and a 12 month high of $98.23. 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 $4.55 billion, a price-to-earnings ratio of 8.38 and a beta of -0.13. The firm has a fifty day simple moving average of $85.93 and a two-hundred day simple moving average of $77.30.

Insider Activity at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.68, for a total transaction of $81,680.00. Following the transaction, the chief financial officer owned 101,984 shares of the company’s stock, valued at $8,330,053.12. This represents a 0.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Derek G. Solon sold 4,700 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $89.22, for a total value of $419,334.00. Following the completion of the sale, the senior vice president owned 49,719 shares of the company’s stock, valued at approximately $4,435,929.18. This represents a 8.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 42,530 shares of company stock worth $3,699,995 over the last three months. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INSW. Amundi purchased a new position in International Seaways in the fourth quarter worth $13,663,000. Tudor Investment Corp ET AL bought a new position in International Seaways in the 4th quarter valued at $7,087,000. Frontier Capital Management Co. LLC increased its position in shares of International Seaways by 105.2% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 270,386 shares of the transportation company’s stock valued at $9,864,000 after purchasing an additional 138,625 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of International Seaways by 226.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 145,280 shares of the transportation company’s stock valued at $6,695,000 after purchasing an additional 100,715 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of International Seaways by 46.4% during the 2nd quarter. AQR Capital Management LLC now owns 306,160 shares of the transportation company’s stock worth $11,169,000 after purchasing an additional 97,081 shares during the period. Institutional investors own 67.29% of the company’s stock.

Analysts Set New Price Targets

INSW has been the topic of several analyst reports. BTIG Research upped their target price on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of International Seaways from a “buy” rating to a “strong-buy” rating in a report on Monday, April 13th. Zacks Research upgraded shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. Pareto Securities lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $100.00 price objective on shares of International Seaways in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, International Seaways currently has a consensus rating of “Buy” and a consensus target price of $86.00.

International Seaways Company 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.