BTIG Research Forecasts Strong Price Appreciation for International Seaways (NYSE:INSW) Stock

Key Points

• BTIG Research raised its price target on International Seaways from $90 to $100 and kept a buy rating, implying about 11% upside from the current share price.
• The company reported strong first-quarter earnings, with EPS of $3.90 versus $2.87 expected and revenue of $325.48 million, while revenue jumped 77.5% year over year.
• Analyst sentiment remains constructive overall, with the stock carrying an average Buy rating and an average target price of $86, even as recent insider selling and continued institutional ownership changes were disclosed.

International Seaways (NYSE:INSW - Get Free Report) had its target price raised by research analysts at BTIG Research from $90.00 to $100.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the transportation company's stock. BTIG Research's price target indicates a potential upside of 11.07% from the stock's current price.

INSW has been the subject of several other reports. Weiss Ratings upgraded International Seaways from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of International Seaways from $63.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, March 9th. Zacks Research raised International Seaways from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 27th. Pareto Securities cut shares of International Seaways from a "buy" rating to a "hold" rating in a research note on Monday, May 18th. Finally, Benchmark restated a "buy" rating on shares of International Seaways in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $86.00.

International Seaways Price Performance

International Seaways stock opened at $90.03 on Wednesday. The firm has a market capitalization of $4.46 billion, a P/E ratio of 8.20 and a beta of -0.12. The business has a 50-day moving average of $81.98 and a 200-day moving average of $68.64. The company has a current ratio of 7.34, a quick ratio of 7.28 and a debt-to-equity ratio of 0.26. International Seaways has a 1 year low of $36.03 and a 1 year high of $92.66.

International Seaways (NYSE:INSW - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 earnings per share for the quarter, topping the consensus estimate of $2.87 by $1.03. The business had revenue of $325.48 million for the quarter, compared to analyst estimates of $279.34 million. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. International Seaways's quarterly revenue was up 77.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 EPS. On average, equities analysts anticipate that International Seaways will post 14.99 EPS for the current year.

Insider Buying and Selling

In related news, CFO Jeffrey Pribor sold 1,000 shares of the firm's stock in a transaction on Monday, June 15th. The shares were 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 trade represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.34, for a total transaction of $162,680.00. Following the completion of the transaction, the chief executive officer directly owned 177,745 shares of the company's stock, valued at approximately $14,457,778.30. This trade represents a 1.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 45,530 shares of company stock worth $3,923,635. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in INSW. EverSource Wealth Advisors LLC increased its holdings in International Seaways by 11.2% in the first quarter. EverSource Wealth Advisors LLC now owns 1,169 shares of the transportation company's stock valued at $85,000 after purchasing an additional 118 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in International Seaways by 2.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,300 shares of the transportation company's stock worth $452,000 after buying an additional 200 shares during the period. ProShare Advisors LLC grew its position in shares of International Seaways by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 7,825 shares of the transportation company's stock valued at $380,000 after buying an additional 241 shares during the last quarter. Guggenheim Capital LLC grew its position in shares of International Seaways by 1.4% in the 4th quarter. Guggenheim Capital LLC now owns 19,760 shares of the transportation company's stock valued at $959,000 after buying an additional 275 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of International Seaways by 16.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,074 shares of the transportation company's stock valued at $151,000 after buying an additional 292 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors.

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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