International Seaways (NYSE:INSW) Announces Quarterly Earnings Results

Key Points

• International Seaways exceeded quarterly expectations, reporting EPS of $5.91 versus the $5.43 consensus estimate and revenue of $467.29 million compared with expectations of $403.24 million. Net margin was 55.39%.
• INSW shares opened at $91.99, near their 12-month high of $98.23, with a market capitalization of $4.55 billion and a P/E ratio of 8.38.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and a $86 target price, although insiders sold 42,530 shares worth approximately $3.7 million over the past 90 days.

International Seaways (NYSE:INSW - Get Free Report) released its quarterly earnings data on Monday. The transportation company reported $5.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.43 by $0.48, FiscalAI reports. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The company had revenue of $467.29 million during the quarter, compared to the consensus estimate of $403.24 million.

International Seaways Stock Performance

Shares of INSW stock opened at $91.99 on Monday. 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 company's fifty day moving average price is $85.93 and its two-hundred day moving average price is $77.30. The firm has a market capitalization of $4.55 billion, a P/E ratio of 8.38 and a beta of -0.13. International Seaways has a 12 month low of $41.20 and a 12 month high of $98.23.

Insiders Place Their Bets

In other news, SVP Derek G. Solon sold 4,700 shares of International Seaways stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $89.22, for a total transaction of $419,334.00. Following the sale, the senior vice president directly owned 49,719 shares of the company's stock, valued at approximately $4,435,929.18. The trade was a 8.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William F. Nugent sold 6,830 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $85.23, for a total value of $582,120.90. Following the completion of the transaction, the senior vice president owned 49,169 shares in the company, valued at approximately $4,190,673.87. This trade represents a 12.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 42,530 shares of company stock valued at $3,699,995 over the last ninety days. Insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On International Seaways

Institutional investors have recently made changes to their positions in the business. Garton & Associates Financial Advisors LLC acquired a new stake in shares of International Seaways during the fourth quarter worth approximately $46,000. Advisory Services Network LLC acquired a new stake in International Seaways in the third quarter valued at $53,000. EverSource Wealth Advisors LLC boosted its stake in International Seaways by 601.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,508 shares of the transportation company's stock valued at $55,000 after acquiring an additional 1,293 shares during the last quarter. Sunbelt Securities Inc. bought a new position in International Seaways during the 3rd quarter valued at $64,000. Finally, NewEdge Advisors LLC increased its position in shares of International Seaways by 240.1% in the 2nd quarter. NewEdge Advisors LLC now owns 2,010 shares of the transportation company's stock worth $73,000 after purchasing an additional 1,419 shares during the last quarter. 67.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on INSW shares. Wall Street Zen upgraded shares of International Seaways from a "buy" rating to a "strong-buy" rating in a report on Monday, April 13th. BTIG Research increased their price target on International Seaways from $90.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Jefferies Financial Group reissued a "buy" rating and issued a $100.00 price objective on shares of International Seaways in a research report on Friday, May 8th. Weiss Ratings restated a "buy (b-)" rating on shares of International Seaways in a research note on Friday. Finally, Pareto Securities downgraded International Seaways from a "buy" rating to a "hold" rating in a research report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $86.00.

International Seaways Company 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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