BTIG Research Issues Positive Forecast for International Seaways (NYSE:INSW) Stock Price

Key Points

• BTIG Research raised its price objective on International Seaways from $80 to $90 and maintains a "buy" rating, implying roughly an 18.52% upside from the current share price.
• The company reported a strong quarter—EPS $2.45 versus $1.75 expected, revenue $267.9M (up 37.7% YoY) and a 36.67% net margin—and analysts forecast about 9.73 EPS for the fiscal year.
• Analyst sentiment is largely positive (one Strong Buy, five Buy, one Hold) with a consensus target of $70.50, while insiders sold roughly 60,697 shares (~$4.52M) in the last three months and institutions own about 67.3% of the stock.

International Seaways (NYSE:INSW - Get Free Report) had its price objective boosted by investment analysts at BTIG Research from $80.00 to $90.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the transportation company's stock. BTIG Research's price objective would indicate a potential upside of 18.52% from the stock's current price.

Other equities analysts also recently issued research reports about the stock. Benchmark reiterated a "buy" rating on shares of International Seaways in a report on Thursday, February 26th. Pareto Securities upgraded shares of International Seaways from a "hold" rating to a "buy" rating and set a $64.00 target price for the company in a report on Tuesday, January 20th. Weiss Ratings downgraded shares of International Seaways from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, April 7th. Zacks Research upgraded shares of International Seaways from a "hold" rating to a "strong-buy" rating in a report on Monday, March 2nd. Finally, Wall Street Zen upgraded shares of International Seaways from a "buy" rating to a "strong-buy" rating in a report on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $70.50.

International Seaways Stock Performance

Shares of INSW opened at $75.94 on Wednesday. The company has a 50-day simple moving average of $71.28 and a 200-day simple moving average of $58.61. The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $3.76 billion, a PE ratio of 12.19 and a beta of -0.23. International Seaways has a 52-week low of $31.49 and a 52-week high of $79.07.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The transportation company reported $2.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.75 by $0.70. The business had revenue of $267.88 million during the quarter, compared to the consensus estimate of $245.29 million. International Seaways had a net margin of 36.67% and a return on equity of 13.92%. The business's revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 EPS. Equities research analysts predict that International Seaways will post 9.73 earnings per share for the current fiscal year.

Insider Activity

In other International Seaways news, SVP William F. Nugent sold 9,583 shares of the firm's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $76.00, for a total transaction of $728,308.00. Following the completion of the transaction, the senior vice president directly owned 52,572 shares in the company, valued at approximately $3,995,472. This trade represents a 15.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alexandra Kate Blankenship sold 5,000 shares of International Seaways stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $74.88, for a total transaction of $374,400.00. Following the sale, the director owned 10,213 shares of the company's stock, valued at approximately $764,749.44. This trade represents a 32.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 60,697 shares of company stock worth $4,517,070 in the last three months. Company insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On International Seaways

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.