Resolute Capital LLC Acquires New Stake in International Seaways Inc. $INSW

Key Points

• Resolute Capital LLC disclosed a new fourth-quarter stake in International Seaways, buying 26,224 shares valued at about $1.27 million. The position makes INSW its 18th-largest holding and about 0.5% of its portfolio.
• International Seaways has seen generally bullish analyst sentiment, with multiple firms reiterating or upgrading to Buy/Strong Buy. The stock now carries an average Buy rating and a consensus price target of $83.50.
• The company reported strong quarterly results, posting EPS of $3.90 versus estimates of $2.87 and revenue of $325.48 million, up 77.5% year over year. It also announced a quarterly dividend of $0.12 per share.

Resolute Capital LLC acquired a new stake in International Seaways Inc. (NYSE:INSW - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 26,224 shares of the transportation company's stock, valued at approximately $1,273,000. International Seaways comprises approximately 0.5% of Resolute Capital LLC's investment portfolio, making the stock its 18th biggest holding. Resolute Capital LLC owned about 0.05% of International Seaways at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in INSW. First Horizon Corp raised its stake in International Seaways by 121.6% in the 4th quarter. First Horizon Corp now owns 687 shares of the transportation company's stock valued at $33,000 after purchasing an additional 377 shares during the last quarter. Federated Hermes Inc. raised its stake in International Seaways by 99.5% in the 3rd quarter. Federated Hermes Inc. now owns 758 shares of the transportation company's stock valued at $35,000 after purchasing an additional 378 shares during the last quarter. Leonteq Securities AG acquired a new position in International Seaways in the 4th quarter valued at $44,000. Founders Capital Management raised its stake in International Seaways by 37.5% in the 4th quarter. Founders Capital Management now owns 1,100 shares of the transportation company's stock valued at $53,000 after purchasing an additional 300 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in International Seaways in the 3rd quarter valued at $53,000. 67.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

INSW has been the subject of several recent research reports. Benchmark reissued a "buy" rating on shares of International Seaways in a research note on Thursday, February 26th. Jefferies Financial Group restated a "buy" rating and issued a $100.00 target price on shares of International Seaways in a report on Friday, May 8th. Weiss Ratings upgraded International Seaways from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Wall Street Zen upgraded International Seaways from a "buy" rating to a "strong-buy" rating in a report on Monday, April 13th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on International Seaways from $63.00 to $80.00 and gave the company a "buy" rating in a report on Monday, March 9th. One 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $83.50.

International Seaways Stock Up 0.2%

Shares of NYSE:INSW opened at $77.34 on Monday. 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 business has a fifty day moving average of $78.74 and a two-hundred day moving average of $65.19. The stock has a market cap of $3.83 billion, a P/E ratio of 7.04 and a beta of -0.12. International Seaways Inc. has a 52-week low of $35.60 and a 52-week high of $92.66.

International Seaways (NYSE:INSW - Get Free Report) last issued its earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $1.03. The company 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% on a year-over-year basis. During the same period in the prior year, the business earned $0.80 EPS. On average, research analysts expect that International Seaways Inc. will post 14.99 earnings per share for the current year.

International Seaways Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, June 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. International Seaways's dividend payout ratio is currently 4.37%.

Insider Buying and Selling at International Seaways

In other news, CAO James D. Small III sold 20,000 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $75.37, for a total transaction of $1,507,400.00. Following the completion of the transaction, the chief accounting officer directly owned 36,376 shares in the company, valued at approximately $2,741,659.12. This represents a 35.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $419,334.00. Following the transaction, the senior vice president owned 49,719 shares of the company's stock, valued at approximately $4,435,929.18. This represents a 8.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 77,644 shares of company stock worth $6,297,967. 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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