International Seaways Inc. $INSW Shares Bought by Denali Advisors LLC

Key Points

• Denali Advisors increased its International Seaways stake by 160.3% in the second quarter, purchasing 52,153 additional shares for a total holding of 84,681 shares valued at approximately $6.5 million. Institutional investors collectively own 67.29% of the company.
• International Seaways reported quarterly earnings of $5.91 per share, exceeding estimates of $5.55, while revenue rose 138.9% year over year to $467.29 million.
• The company raised its quarterly dividend to $5.05 per share, implying a $20.20 annualized payout and a 20.3% yield. Analysts maintain a consensus “Buy” rating, with Jefferies raising its price target to $108.

Denali Advisors LLC grew its holdings in International Seaways Inc. (NYSE:INSW - Free Report) by 160.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,681 shares of the transportation company's stock after purchasing an additional 52,153 shares during the quarter. Denali Advisors LLC owned about 0.17% of International Seaways worth $6,486,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of International Seaways in the second quarter valued at approximately $505,153,000. 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 lifted its position 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 buying an additional 4,250 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in International Seaways by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company's stock worth $31,013,000 after buying an additional 12,188 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in International Seaways by 167.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company's stock worth $44,330,000 after buying an additional 380,931 shares during the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Trading Up 0.9%

Shares of International Seaways stock opened at $99.66 on Thursday. The stock has a 50 day moving average of $88.32 and a 200 day moving average of $79.41. The company has a debt-to-equity ratio of 0.27, a quick ratio of 5.76 and a current ratio of 5.94. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of 6.37 and a beta of -0.13. International Seaways Inc. has a fifty-two week low of $41.76 and a fifty-two week high of $100.50.

International Seaways (NYSE:INSW - Get Free Report) last posted its earnings results on Monday, August 10th. The transportation company reported $5.91 EPS for the quarter, beating analysts' consensus estimates of $5.55 by $0.36. The company had revenue of $467.29 million for the quarter, compared to the consensus estimate of $406.38 million. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The company's revenue for the quarter was up 138.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 earnings per share. As a group, research 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 $5.05 dividend. This is an increase from International Seaways's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, September 10th. This represents a $20.20 annualized dividend and a yield of 20.3%. International Seaways's payout ratio is presently 3.07%.

Wall Street Analyst Weigh In

INSW has been the subject of a number of recent research reports. BTIG Research raised their target price on International Seaways from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. 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 report on Friday, July 24th. Weiss Ratings restated a "buy (b-)" rating on shares of International Seaways in a research report on Friday, August 7th. Finally, Jefferies Financial Group lifted their target price on shares of International Seaways from $100.00 to $108.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, International Seaways has a consensus rating of "Buy" and an average target price of $88.00.

Insider Activity

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.68, for a total transaction of $81,680.00. Following the completion of the transaction, the chief financial officer owned 101,984 shares of the company's stock, valued at $8,330,053.12. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated 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 owned 173,745 shares of the company's stock, valued at approximately $17,103,457.80. This represents a 1.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 5,000 shares of company stock worth $441,240. 1.70% of the stock is owned by insiders.

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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