International Seaways (NYSE:INSW) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of International Seaways (NYSE:INSW) from a buy rating to a strong-buy rating in a research note published on Saturday morning.

A number of other equities research analysts have also weighed in on the company. Benchmark reiterated a “buy” rating on shares of International Seaways in a research report on Thursday, February 26th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of International Seaways from $63.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Zacks Research raised shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 2nd. Weiss Ratings raised shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. Finally, BTIG Research boosted their price target on shares of International Seaways from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $68.00.

International Seaways Stock Up 1.5%

Shares of INSW opened at $71.09 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.71 and a quick ratio of 3.71. The firm has a market cap of $3.51 billion, a P/E ratio of 11.41 and a beta of -0.23. The stock has a 50 day simple moving average of $65.87 and a two-hundred day simple moving average of $55.29. International Seaways has a 1 year low of $27.20 and a 1 year high of $78.51.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, February 26th. The transportation company reported $2.45 EPS for the quarter, topping the consensus estimate of $1.75 by $0.70. International Seaways had a return on equity of 13.92% and a net margin of 36.67%.The firm had revenue of $267.88 million for the quarter, compared to the consensus estimate of $245.29 million. During the same quarter in the previous year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up 37.7% on a year-over-year basis. On average, analysts forecast that International Seaways will post 7.77 earnings per share for the current fiscal year.

International Seaways Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Friday, March 20th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.7%. International Seaways’s dividend payout ratio (DPR) is presently 7.70%.

Insider Transactions at International Seaways

In other news, CAO James D. Small III sold 20,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $75.37, for a total transaction of $1,507,400.00. Following the transaction, the chief accounting officer directly owned 36,376 shares of the company’s stock, valued at $2,741,659.12. This represents a 35.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $74.88, for a total transaction of $374,400.00. Following the transaction, the director owned 10,213 shares in the company, valued at $764,749.44. This represents a 32.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 60,697 shares of company stock valued at $4,459,450. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Hedge funds and other institutional investors have recently modified their holdings of the company. First Horizon Corp boosted its stake in shares of International Seaways by 121.6% in the 4th quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock worth $33,000 after buying an additional 377 shares during the last quarter. Federated Hermes Inc. increased its position in International Seaways by 99.5% during the third quarter. Federated Hermes Inc. now owns 758 shares of the transportation company’s stock valued at $35,000 after acquiring an additional 378 shares during the last quarter. Leonteq Securities AG purchased a new stake in International Seaways during the fourth quarter valued at $44,000. Garton & Associates Financial Advisors LLC bought a new position in International Seaways in the fourth quarter valued at about $46,000. Finally, Rockefeller Capital Management L.P. boosted its position in International Seaways by 583.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company’s stock worth $47,000 after purchasing an additional 822 shares during the last quarter. 67.29% of the stock is owned by institutional investors.

About International Seaways

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.