Freestone Grove Partners LP Makes New $1.09 Million Investment in International Seaways Inc. $INSW

Key Points

• Freestone Grove Partners acquired 14,176 shares of International Seaways valued at approximately $1.09 million, while several other institutions also initiated positions; institutional investors now own 67.29% of the stock.
• International Seaways reported quarterly EPS of $5.91, beating estimates, on revenue of $467.29 million—up 138.9% year over year. Analysts maintain a “Moderate Buy” consensus, with an average price target of $88.
• The company announced a quarterly dividend of $5.05 per share, equivalent to an annualized $20.20 payout and a 20.4% yield, a sharp increase from the prior $0.12 quarterly dividend.

Freestone Grove Partners LP bought a new position in International Seaways Inc. (NYSE:INSW - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 14,176 shares of the transportation company's stock, valued at approximately $1,086,000.

Other hedge funds have also recently made changes to their positions in the company. Odyssean LLC bought a new position in shares of International Seaways in the 2nd quarter valued at about $271,000. Man Group plc purchased a new position in International Seaways in the second quarter worth about $867,000. Western Wealth Management LLC bought a new stake in International Seaways during the second quarter worth approximately $362,000. Jupiter Topco LLC purchased a new stake in International Seaways during the second quarter valued at approximately $1,468,000. Finally, Hsbc Holdings PLC purchased a new stake in International Seaways during the second quarter valued at approximately $1,018,000. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $81.68, for a total transaction of $81,680.00. Following 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $98.44, for a total transaction of $196,880.00. Following the sale, the chief executive officer directly owned 173,745 shares of the company's stock, valued at $17,103,457.80. This represents a 1.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,000 shares of company stock valued at $441,240 in the last quarter. 1.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on INSW. Zacks Research cut International Seaways from a "strong-buy" rating to a "hold" rating in a report on Monday, August 24th. Jefferies Financial Group increased their price target on International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of International Seaways in a research note on Friday, August 7th. BTIG Research boosted their price objective on shares of International Seaways from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Finally, Pareto Securities downgraded shares of International Seaways from a "buy" rating to a "hold" rating in a research note on Monday, May 18th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, International Seaways presently has a consensus rating of "Moderate Buy" and an average price target of $88.00.

International Seaways Price Performance

Shares of INSW stock opened at $98.92 on Friday. The stock has a 50 day moving average price of $90.54 and a 200 day moving average price of $81.16. The firm has a market capitalization of $4.90 billion, a P/E ratio of 6.32 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. International Seaways Inc. 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 earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, topping analysts' consensus estimates of $5.55 by $0.36. The business 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 business's revenue was up 138.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.02 earnings per share. As a group, sell-side analysts predict that International Seaways Inc. will post 15.89 earnings per share for the current year.

International Seaways Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a dividend of $5.05 per share. This represents a $20.20 dividend on an annualized basis and a yield of 20.4%. The ex-dividend date is Thursday, September 10th. This is a positive change from International Seaways's previous quarterly dividend of $0.12. International Seaways's dividend payout ratio (DPR) is 3.07%.

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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