International Seaways Inc. (NYSE:INSW) Receives Average Rating of "Buy" from Brokerages

Key Points

• Broker sentiment is bullish: International Seaways has an average analyst rating of “Buy” from seven covering firms, with a consensus 12-month price target of $83.50. Recent analyst moves included multiple upgrades and higher price targets.
• Insiders have been selling shares: SVP William F. Nugent and CFO Jeffrey Pribor both sold stock in May, and insiders have sold 55,009 shares worth about $4.59 million over the last three months. Despite that, insiders still own 1.70% of the company.
• The company posted strong results and a dividend: International Seaways reported $3.90 EPS on $325.48 million in revenue, beating estimates and posting 77.5% year-over-year revenue growth. It also declared a quarterly dividend of $0.12 per share, payable June 26.

International Seaways Inc. (NYSE:INSW - Get Free Report) has been assigned an average recommendation of "Buy" from the seven research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $83.50.

A number of equities research analysts recently weighed in on the stock. Zacks Research raised shares of International Seaways from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 27th. BTIG Research boosted their price target on shares of International Seaways from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Weiss Ratings raised shares of International Seaways from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. Wall Street Zen raised shares of International Seaways from a "buy" rating to a "strong-buy" rating in a research note on Monday, April 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of International Seaways from $63.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, March 9th.

Insider Activity at International Seaways

In other news, SVP William F. Nugent sold 6,830 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $85.23, for a total transaction of $582,120.90. Following the completion of the sale, the senior vice president owned 49,169 shares of the company's stock, valued at $4,190,673.87. This represents a 12.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $83.72, for a total transaction of $83,720.00. Following the transaction, the chief financial officer owned 102,984 shares of the company's stock, valued at $8,621,820.48. The trade was a 0.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 55,009 shares of company stock valued at $4,591,888 over the last three months. Insiders own 1.70% of the company's stock.

Institutional Trading of International Seaways

A number of large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake in shares of International Seaways by 11.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,169 shares of the transportation company's stock worth $85,000 after acquiring an additional 118 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of International Seaways by 2.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,300 shares of the transportation company's stock worth $452,000 after acquiring an additional 200 shares in the last quarter. Arizona State Retirement System grew its stake in shares of International Seaways by 1.7% in the 3rd quarter. Arizona State Retirement System now owns 12,409 shares of the transportation company's stock worth $572,000 after acquiring an additional 206 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of International Seaways by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 7,825 shares of the transportation company's stock worth $380,000 after acquiring an additional 241 shares in the last quarter. Finally, Guggenheim Capital LLC grew its stake in shares of International Seaways by 1.4% in the 4th quarter. Guggenheim Capital LLC now owns 19,760 shares of the transportation company's stock worth $959,000 after acquiring an additional 275 shares in the last quarter. Institutional investors and hedge funds own 67.29% of the company's stock.

International Seaways Stock Performance

NYSE:INSW opened at $78.14 on Thursday. International Seaways has a 1 year low of $36.03 and a 1 year high of $92.66. The firm's fifty day simple moving average is $79.27 and its 200 day simple moving average is $65.72. The company has a current ratio of 7.34, a quick ratio of 7.28 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $3.87 billion, a PE ratio of 7.12 and a beta of -0.12.

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 for the quarter, beating the consensus estimate of $2.87 by $1.03. The business had revenue of $325.48 million for the quarter, compared to analyst estimates of $279.34 million. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The firm's revenue was up 77.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.80 EPS. On average, sell-side analysts anticipate that International Seaways will post 14.99 EPS for the current year.

International Seaways Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, June 12th. International Seaways's dividend payout ratio is presently 4.37%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.