SummitTX Capital L.P. Invests $4.74 Million in International Seaways Inc. $INSW

SummitTX Capital L.P. acquired a new stake in shares of International Seaways Inc. (NYSE:INSW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 65,059 shares of the transportation company's stock, valued at approximately $4,742,000. SummitTX Capital L.P. owned 0.13% of International Seaways as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Horizon Corp raised its holdings 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 acquiring an additional 377 shares during the last quarter. Leonteq Securities AG purchased a new stake in shares of International Seaways in the fourth quarter valued at $44,000. Garton & Associates Financial Advisors LLC acquired a new position in International Seaways in the fourth quarter valued at $46,000. Rockefeller Capital Management L.P. lifted its position in International Seaways by 583.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 963 shares of the transportation company's stock worth $47,000 after buying an additional 822 shares during the period. Finally, Parallel Advisors LLC boosted its stake in International Seaways by 85.0% in the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the transportation company's stock worth $80,000 after buying an additional 505 shares during the last quarter. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Stock Performance

International Seaways stock opened at $90.53 on Tuesday. The company has a market cap of $4.48 billion, a price-to-earnings ratio of 8.24 and a beta of -0.12. International Seaways Inc. has a 12 month low of $39.06 and a 12 month high of $93.48. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28. The stock's 50-day moving average is $83.86 and its 200-day moving average is $74.87.

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, topping analysts' consensus estimates 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 company's revenue for the quarter was up 77.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 EPS. Equities analysts anticipate that International Seaways Inc. will post 15.62 earnings per share for the current year.

International Seaways Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date was Friday, June 12th. International Seaways's payout ratio is currently 4.37%.

Insider Buying and Selling at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the firm's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.34, for a total value of $162,680.00. Following the transaction, the chief executive officer owned 177,745 shares of the company's stock, valued at approximately $14,457,778.30. This trade represents a 1.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP William F. Nugent sold 6,830 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $85.23, for a total transaction of $582,120.90. Following the sale, the senior vice president directly owned 49,169 shares of the company's stock, valued at approximately $4,190,673.87. This trade represents a 12.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 42,530 shares of company stock worth $3,699,995 over the last three months. 1.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on INSW. 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 shares of International Seaways from a "buy" rating to a "strong-buy" rating in a report on Monday, April 13th. Pareto Securities downgraded shares of International Seaways from a "buy" rating to a "hold" rating in a research note on Monday, May 18th. Zacks Research lowered shares of International Seaways from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 25th. Finally, Jefferies Financial Group reissued a "buy" rating and set a $100.00 price objective on shares of International Seaways in a research note on Friday, May 8th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $86.00.

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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