International Seaways (NYSE:INSW) Rating Lowered to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded International Seaways from “strong buy” to “hold,” though the broader analyst consensus remains “Moderate Buy” with a $88 price target.
• International Seaways reported strong quarterly results, posting $5.91 EPS versus the $5.55 estimate and $467.29 million in revenue, up 138.9% year over year.
• INSW shares opened at $98.98, near their 52-week high of $102.36. Insiders sold 5,000 shares over the past 90 days, while institutional investors own 67.29% of the company.

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

INSW has been the subject of several other research reports. Weiss Ratings reissued a "buy (b-)" rating on shares of International Seaways in a research report on Friday, August 7th. BTIG Research increased their price target on shares of International Seaways from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Jefferies Financial Group increased their price target on shares of International Seaways from $100.00 to $108.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. Finally, Pareto Securities cut shares of International Seaways from a "buy" rating to a "hold" rating in a research report on Monday, May 18th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $88.00.

International Seaways Stock Down 1.0%

Shares of NYSE:INSW opened at $98.98 on Monday. The firm has a market capitalization of $4.90 billion, a P/E ratio of 6.33 and a beta of -0.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 5.76 and a current ratio of 5.94. The stock has a 50 day moving average price of $89.71 and a 200-day moving average price of $80.52. International Seaways has a 52-week low of $42.26 and a 52-week high of $102.36.

International Seaways (NYSE:INSW - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.36. The company had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The firm's revenue was up 138.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. As a group, equities research analysts anticipate that International Seaways will post 15.89 EPS for the current fiscal year.

Insider Buying and Selling at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $98.44, for a total transaction of $196,880.00. Following the completion of the transaction, the chief executive officer directly owned 173,745 shares in the company, valued at $17,103,457.80. This trade represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $81.68, for a total value of $81,680.00. Following the completion of the transaction, the chief financial officer directly owned 101,984 shares of the company's stock, valued at approximately $8,330,053.12. This represents a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 5,000 shares of company stock valued at $441,240 over the last 90 days. Corporate insiders own 1.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in INSW. Charles Schwab Investment Management Inc. boosted its holdings in International Seaways by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company's stock worth $31,013,000 after purchasing an additional 12,188 shares during the last quarter. Resolute Capital LLC purchased a new stake in International Seaways during the 4th quarter valued at $1,273,000. NewEdge Wealth LLC raised its stake in International Seaways by 43.1% during the 1st quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company's stock valued at $1,818,000 after buying an additional 7,511 shares during the last quarter. Cercano Management LLC bought a new position in shares of International Seaways during the 4th quarter valued at $4,137,000. Finally, Kingsview Wealth Management LLC lifted its holdings in shares of International Seaways by 252.7% during the 4th quarter. Kingsview Wealth Management LLC now owns 64,528 shares of the transportation company's stock valued at $3,133,000 after buying an additional 46,234 shares during the period. Institutional investors own 67.29% of the company's stock.

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.

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