Brokerages Set International Seaways Inc. (NYSE:INSW) Price Target at $83.50

International Seaways Inc. (NYSE:INSW) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $83.50.

INSW has been the topic of several recent research reports. Wall Street Zen raised shares of International Seaways from a “buy” rating to a “strong-buy” rating in a report on Monday, April 13th. Zacks Research downgraded shares of International Seaways from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft upped their price target on shares of International Seaways from $63.00 to $80.00 and gave the company a “buy” rating in a report on Monday, March 9th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $100.00 price target on shares of International Seaways in a report on Friday, May 8th. Finally, BTIG Research upped their price objective on shares of International Seaways from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd.

Insider Buying and Selling at International Seaways

In related news, SVP Derek G. Solon sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $75.41, for a total transaction of $452,460.00. Following the transaction, the senior vice president owned 50,989 shares of the company’s stock, valued at approximately $3,845,080.49. This represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO James D. Small III sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were 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 in the company, valued at $2,741,659.12. The trade was a 35.48% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 97,227 shares of company stock valued at $7,720,525. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On International Seaways

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its position in International Seaways by 42.0% during the first quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company’s stock worth $311,000 after purchasing an additional 2,768 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in International Seaways by 3.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,089 shares of the transportation company’s stock worth $800,000 after purchasing an additional 900 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in International Seaways by 16.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 128,428 shares of the transportation company’s stock worth $4,264,000 after purchasing an additional 18,509 shares during the last quarter. Prudential Financial Inc. acquired a new position in International Seaways during the second quarter worth approximately $223,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in International Seaways during the second quarter worth approximately $1,626,000. Hedge funds and other institutional investors own 67.29% of the company’s stock.

International Seaways Stock Down 1.1%

Shares of NYSE INSW opened at $84.57 on Friday. International Seaways has a 12-month low of $35.60 and a 12-month high of $92.66. The company has a market capitalization of $4.19 billion, a PE ratio of 7.70 and a beta of -0.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. The firm’s 50-day moving average is $76.29 and its two-hundred day moving average is $62.87.

International Seaways (NYSE:INSW) last announced its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $1.03. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The company had revenue of $325.48 million for the quarter, compared to the consensus estimate of $279.34 million. During the same quarter in the prior year, the firm earned $0.80 earnings per share. The company’s revenue for the quarter was up 77.5% compared to the same quarter last year. Equities analysts anticipate that International Seaways will post 14.99 EPS for the current fiscal year.

International Seaways Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. International Seaways’s dividend payout ratio is presently 4.37%.

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.