International Seaways (NYSE:INSW) Downgraded by Zacks Research to "Hold"

Key Points

• Zacks Research downgraded International Seaways from “strong buy” to “hold.” Despite the move, the stock retains a “Moderate Buy” consensus rating from analysts, with an average price target of $109.80.
• International Seaways reported quarterly EPS of $5.84, below the $6.13 consensus estimate, while revenue of $483.2 million topped estimates and rose 146% year over year.
• Insiders sold 655,028 shares worth about $76.4 million over the past three months.

International Seaways (NYSE:INSW - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Thursday, Zacks reports.

A number of other brokerages have also weighed in on INSW. BTIG Research raised their price objective on International Seaways from $100.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, September 18th. B. Riley Financial upped their price objective on shares of International Seaways from $120.00 to $140.00 and gave the stock a "buy" rating in a research note on Monday, October 5th. Wall Street Zen upgraded International Seaways from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Jefferies Financial Group increased their price objective on shares of International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Finally, Weiss Ratings upgraded shares of International Seaways from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, International Seaways currently has a consensus rating of "Moderate Buy" and an average price target of $109.80.

International Seaways Trading Up 3.9%

Shares of International Seaways stock opened at $98.15 on Thursday. International Seaways has a 52-week low of $46.09 and a 52-week high of $126.27. The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of 4.65, a price-to-earnings-growth ratio of 0.28 and a beta of -0.10. The company's 50-day simple moving average is $108.69 and its 200-day simple moving average is $86.58.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The transportation company reported $5.84 EPS for the quarter, missing analysts' consensus estimates of $6.13 by ($0.29). The business had revenue of $483.20 million for the quarter, compared to the consensus estimate of $349.50 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%. The firm's revenue for the quarter was up 146.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.15 EPS. As a group, equities research analysts anticipate that International Seaways will post 17.47 earnings per share for the current year.

Insiders Place Their Bets

In other International Seaways news, major shareholder Finance Ltd Famatown sold 64,821 shares of the firm's stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $125.05, for a total transaction of $8,105,866.05. Following the completion of the sale, the insider owned 6,500,566 shares of the company's stock, valued at $812,895,778.30. This trade represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lois Zabrocky sold 2,000 shares of the stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $114.23, for a total value of $228,460.00. Following the completion of the transaction, the chief executive officer directly owned 169,745 shares of the company's stock, valued at $19,389,971.35. This represents a 1.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 655,028 shares of company stock valued at $76,362,341 in the last three months. Insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On International Seaways

A number of institutional investors have recently made changes to their positions in INSW. Maryland State Retirement & Pension System raised its position in shares of International Seaways by 55.5% during the third quarter. Maryland State Retirement & Pension System now owns 9,236 shares of the transportation company's stock valued at $1,017,000 after buying an additional 3,298 shares during the last quarter. Knights of Columbus Asset Advisors LLC increased its holdings in shares of International Seaways by 0.5% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 29,150 shares of the transportation company's stock worth $3,211,000 after purchasing an additional 134 shares in the last quarter. Kestra Investment Management LLC raised its holdings in International Seaways by 4.2% during the 3rd quarter. Kestra Investment Management LLC now owns 10,788 shares of the transportation company's stock valued at $1,188,000 after buying an additional 431 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in International Seaways by 5.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 18,785 shares of the transportation company's stock valued at $2,153,000 after purchasing an additional 1,009 shares during the last quarter. Finally, Brighton Jones LLC acquired a new position in shares of International Seaways in the third quarter valued at approximately $279,000. 67.29% of the stock is owned by institutional investors and hedge funds.

About International Seaways

International Seaways, Inc NYSE: INSW is a maritime transportation company that owns and operates oceangoing tankers. Its vessels transport crude oil, refined petroleum products and other energy-related cargoes for oil companies, commodity traders, refiners and other customers in international markets.

The company's fleet includes large crude carriers and product tankers serving a range of transportation needs. International Seaways operates vessels on the global waterborne energy transportation network, with routes connecting major oil-producing regions, refining centers and consuming markets.

International Seaways was established as an independent public company in 2016 following its spin-off from Overseas Shipholding Group.

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