Fearnley Asset Management AS Invests $6.26 Million in International Seaways Inc. $INSW

Key Points

• Fearnley Asset Management AS opened a new position in International Seaways during the fourth quarter, buying 128,900 shares worth about $6.26 million. The stake makes INSW its 14th-largest holding and about 2.9% of its portfolio.
• Wall Street sentiment on International Seaways remains positive, with a consensus Buy rating and an average price target of $83.50. Recent analyst actions included Deutsche Bank and BTIG raising targets, while Zacks upgraded the stock to strong-buy.
• The company reported strong first-quarter earnings, posting $3.90 EPS versus the $2.87 estimate and revenue of $325.48 million, up 77.5% year over year. It also announced a quarterly dividend of $0.12 per share, while insiders have recently sold shares.

Fearnley Asset Management AS acquired a new stake in shares of International Seaways Inc. (NYSE:INSW - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 128,900 shares of the transportation company's stock, valued at approximately $6,258,000. International Seaways makes up 2.9% of Fearnley Asset Management AS's investment portfolio, making the stock its 14th biggest position. Fearnley Asset Management AS owned about 0.26% of International Seaways at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in shares of International Seaways by 2.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,972,012 shares of the transportation company's stock worth $144,290,000 after buying an additional 68,248 shares in the last quarter. American Century Companies Inc. grew its holdings in International Seaways by 7.5% during the third quarter. American Century Companies Inc. now owns 1,994,978 shares of the transportation company's stock worth $91,929,000 after acquiring an additional 139,868 shares during the period. Geode Capital Management LLC grew its holdings in International Seaways by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,010,815 shares of the transportation company's stock worth $49,083,000 after acquiring an additional 4,250 shares during the period. Charles Schwab Investment Management Inc. raised its position 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 acquiring an additional 12,188 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its position in International Seaways by 7.2% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 67.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on INSW shares. Benchmark reiterated a "buy" rating on shares of International Seaways in a research report on Thursday, February 26th. Deutsche Bank Aktiengesellschaft lifted their target price on International Seaways from $63.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, March 9th. Zacks Research raised International Seaways from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 27th. Pareto Securities lowered International Seaways from a "buy" rating to a "hold" rating in a research report on Monday, May 18th. Finally, BTIG Research lifted their price target on International Seaways from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. One equities research 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, International Seaways has a consensus rating of "Buy" and an average target price of $83.50.

International Seaways Trading Down 0.1%

International Seaways stock opened at $84.37 on Friday. International Seaways Inc. has a 12 month low of $36.03 and a 12 month high of $92.66. The company's fifty day simple moving average is $81.39 and its 200-day simple moving average is $68.00. The company has a quick ratio of 7.28, a current ratio of 7.34 and a debt-to-equity ratio of 0.26. The stock has a market cap of $4.18 billion, a P/E ratio of 7.68 and a beta of -0.12.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 EPS for the quarter, beating the consensus estimate of $2.87 by $1.03. The business had revenue of $325.48 million during the quarter, compared to analysts' expectations of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The firm's quarterly revenue was up 77.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.80 EPS. As a group, sell-side analysts forecast that International Seaways Inc. will post 14.99 EPS for the current fiscal year.

International Seaways Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, June 12th. International Seaways's payout ratio is presently 4.37%.

Insider Buying and Selling at International Seaways

In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.34, for a total transaction of $162,680.00. Following the transaction, the chief executive officer directly owned 177,745 shares of the company's stock, valued at $14,457,778.30. This represents a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Derek G. Solon sold 4,700 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $89.22, for a total transaction of $419,334.00. Following the transaction, the senior vice president directly owned 49,719 shares in the company, valued at $4,435,929.18. The trade was a 8.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 45,530 shares of company stock valued at $3,923,635. Company insiders own 1.70% of the company's stock.

About International Seaways

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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