BlackRock Inc. Acquires New Position in International Seaways Inc. $INSW

Key Points

• BlackRock acquired 6.6 million shares of International Seaways in the second quarter, worth approximately $505 million, giving it a 13.32% stake. Institutional investors collectively own 67.29% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an $88 price target, although recent targets from Jefferies and BTIG were raised to $108 and $100, respectively.
• International Seaways reported strong quarterly results, including $5.91 in EPS and $467.29 million in revenue, while revenue surged 138.9% year over year. The company also announced a sharply increased quarterly dividend of $5.05 per share, implying a 20.2% annualized yield.

BlackRock Inc. acquired a new stake in International Seaways Inc. (NYSE:INSW - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,595,548 shares of the transportation company's stock, valued at approximately $505,153,000. BlackRock Inc. owned about 13.32% of International Seaways at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in International Seaways by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,024,755 shares of the transportation company's stock worth $220,436,000 after buying an additional 52,743 shares in the last quarter. Geode Capital Management LLC grew its holdings in International Seaways by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,010,815 shares of the transportation company's stock valued at $49,083,000 after buying an additional 4,250 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in International Seaways by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company's stock valued at $31,013,000 after buying an additional 12,188 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of International Seaways by 167.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company's stock worth $44,330,000 after acquiring an additional 380,931 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its stake in shares of International Seaways by 7.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 414,688 shares of the transportation company's stock worth $20,133,000 after acquiring an additional 27,818 shares during the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on INSW. Pareto Securities cut shares of International Seaways from a "buy" rating to a "hold" rating in a research report on Monday, May 18th. Zacks Research raised shares of International Seaways from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 24th. Jefferies Financial Group boosted their target price 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. Weiss Ratings restated a "buy (b-)" rating on shares of International Seaways in a report on Friday, August 7th. Finally, BTIG Research upped their price objective on International Seaways from $90.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, International Seaways currently has a consensus rating of "Buy" and a consensus price target of $88.00.

International Seaways Price Performance

Shares of INSW opened at $99.89 on Tuesday. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of 6.39 and a beta of -0.13. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. The firm's fifty day simple moving average is $89.37 and its 200-day simple moving average is $80.23. International Seaways Inc. has a twelve month low of $42.26 and a twelve month high of $102.36.

International Seaways (NYSE:INSW - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.36. The business had revenue of $467.29 million during the quarter, compared to the consensus estimate of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The company's revenue was up 138.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 EPS. Equities analysts forecast that International Seaways Inc. will post 15.89 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a dividend of $5.05 per share. This represents a $20.20 annualized dividend and a yield of 20.2%. The ex-dividend date of this dividend is Thursday, September 10th. This is an increase from International Seaways's previous quarterly dividend of $0.12. International Seaways's payout ratio is 3.07%.

Insider Buying and Selling at International Seaways

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.68, for a total value of $81,680.00. Following the transaction, the chief financial officer directly owned 101,984 shares in the company, valued at approximately $8,330,053.12. This trade represents a 0.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $98.44, for a total value of $196,880.00. Following the completion of the transaction, the chief executive officer directly owned 173,745 shares in the company, valued at approximately $17,103,457.80. The trade was a 1.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,000 shares of company stock worth $441,240 over the last three months. 1.70% of the stock is currently owned by insiders.

International Seaways 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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