Tidal Investments LLC Increases Stock Holdings in International Seaways Inc. $INSW

Key Points

• Institutional ownership increased: Tidal Investments raised its International Seaways stake by 59.3% to 51,034 shares, while hedge funds and other institutions collectively own 67.29% of the company.
• Strong quarterly performance: International Seaways reported $5.91 in quarterly EPS, beating estimates, and revenue rose 138.9% year over year to $467.29 million.
• Dividend surged: The company announced a quarterly dividend of $5.05, up from $0.12, representing an annualized payout of $20.20 and a 19.1% yield, though its payout ratio stands at 129.16%.

Tidal Investments LLC boosted its stake in International Seaways Inc. (NYSE:INSW - Free Report) by 59.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,034 shares of the transportation company's stock after acquiring an additional 18,996 shares during the period. Tidal Investments LLC owned 0.10% of International Seaways worth $3,909,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in International Seaways in the 2nd quarter worth $505,153,000. California State Teachers Retirement System boosted its stake in shares of International Seaways by 7,351.6% during the 2nd quarter. California State Teachers Retirement System now owns 3,714,462 shares of the transportation company's stock valued at $284,491,000 after purchasing an additional 3,664,614 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of International Seaways by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,755 shares of the transportation company's stock valued at $220,436,000 after purchasing an additional 52,743 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of International Seaways by 167.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company's stock valued at $44,330,000 after buying an additional 380,931 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of International Seaways during the second quarter valued at about $21,082,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Trading Up 2.0%

Shares of NYSE INSW opened at $105.74 on Tuesday. The firm's 50 day moving average price is $94.96 and its 200-day moving average price is $84.23. International Seaways Inc. has a 52-week low of $42.26 and a 52-week high of $106.73. 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 company has a market cap of $5.24 billion, a PE ratio of 6.76, a P/E/G ratio of 0.27 and a beta of -0.13.

International Seaways (NYSE:INSW - Get Free Report) last announced its quarterly earnings data 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. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The company had revenue of $467.29 million during the quarter, compared to analyst estimates of $406.38 million. During the same period in the previous year, the business earned $1.02 EPS. The firm's revenue for the quarter was up 138.9% on a year-over-year basis. On average, equities research analysts expect that International Seaways Inc. will post 16.09 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $5.05 dividend. This is a positive change from International Seaways's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $20.20 dividend on an annualized basis and a yield of 19.1%. International Seaways's payout ratio is presently 129.16%.

Insider Transactions at International Seaways

In other news, CEO Lois Zabrocky sold 2,000 shares of the firm's 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 $17,103,457.80. This trade represents a 1.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on INSW shares. Pareto Securities lowered shares of International Seaways from a "buy" rating to a "hold" rating in a report on Monday, May 18th. Weiss Ratings reiterated a "buy (b-)" rating on shares of International Seaways in a report on Friday, August 7th. Zacks Research lowered International Seaways from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Jefferies Financial Group raised their target price on International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a research note on Thursday, August 13th. Finally, BTIG Research lifted their price target on International Seaways from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $94.75.

International Seaways Profile

International Seaways, Inc is a maritime transportation company that owns and operates oceangoing vessels used to transport crude oil, refined petroleum products and other liquid bulk cargoes. Its fleet includes crude oil tankers and product carriers serving energy companies, commodity traders and other customers in international shipping markets.

The company's vessels operate on routes connecting major oil-producing, refining and consuming regions around the world. International Seaways generates revenue through a combination of time-charter arrangements, voyage charters and other commercial agreements, allowing customers to use its ships for the global movement of energy products.

International Seaways became an independent public company in 2016 through a separation from Overseas Shipholding Group.

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