International Seaways (NYSE:INSW) Hits New 1-Year High - What's Next?

Key Points

• International Seaways shares reached a new 52-week high, trading as high as $123.95 and last at $124.87, well above the previous close of $119.82.
• Analyst sentiment remains positive: the stock carries a consensus “Buy” rating, though the average price target is $109.80, below its current trading level. Recent upgrades include Zacks Research’s move to “Strong Buy” and BTIG’s price-target increase to $130.
• The company reported strong quarterly results, with EPS of $5.91 and revenue of $467.29 million, while revenue rose 138.9% year over year. It also raised its quarterly dividend to $5.05 per share, implying a 16.3% annualized yield, though its payout ratio exceeds 100%.

International Seaways Inc. (NYSE:INSW - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday. The company traded as high as $123.95 and last traded at $124.8670, with a volume of 33,310 shares traded. The stock had previously closed at $119.82.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Zacks Research raised International Seaways from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 7th. Weiss Ratings upgraded shares of International Seaways from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $107.00 price objective on shares of International Seaways in a research note on Tuesday, September 1st. Jefferies Financial Group boosted their price objective on shares of International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Finally, BTIG Research boosted their price objective on shares of International Seaways from $100.00 to $130.00 and gave the company a "buy" rating in a report on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $109.80.

International Seaways Stock Performance

The firm has a market cap of $6.12 billion, a P/E ratio of 7.88, a PEG ratio of 0.29 and a beta of -0.14. 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 stock's 50-day moving average is $103.15 and its 200 day moving average is $89.56.

International Seaways (NYSE:INSW - Get Free Report) last posted its earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.36. International Seaways had a return on equity of 31.75% and a net margin of 61.98%. The firm had revenue of $467.29 million for the quarter, compared to analyst estimates of $406.38 million. During the same period in the previous year, the company posted $1.02 earnings per share. The company's revenue for the quarter was up 138.9% on a year-over-year basis. On average, research analysts predict that International Seaways Inc. will post 17.08 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th were given a dividend of $5.05 per share. This is an increase from International Seaways's previous quarterly dividend of $0.12. This represents a $20.20 dividend on an annualized basis and a dividend yield of 16.3%. The ex-dividend date of this dividend was Thursday, September 10th. International Seaways's payout ratio is 129.16%.

Insider Activity at International Seaways

In other news, CEO Lois Zabrocky sold 2,000 shares of International Seaways stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $108.01, for a total transaction of $216,020.00. Following the transaction, the chief executive officer owned 171,745 shares in the company, valued at $18,550,177.45. The trade was a 1.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On International Seaways

Several institutional investors and hedge funds have recently modified their holdings of INSW. EverSource Wealth Advisors LLC boosted its position in shares of International Seaways by 11.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,169 shares of the transportation company's stock worth $85,000 after buying an additional 118 shares during the period. Allworth Financial LP grew its holdings in shares of International Seaways by 23.4% during the second quarter. Allworth Financial LP now owns 623 shares of the transportation company's stock worth $48,000 after buying an additional 118 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of International Seaways by 4.0% during the second quarter. GAMMA Investing LLC now owns 4,606 shares of the transportation company's stock worth $353,000 after buying an additional 178 shares in the last quarter. PNC Financial Services Group Inc. raised its position in International Seaways by 16.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,074 shares of the transportation company's stock valued at $151,000 after buying an additional 292 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in International Seaways by 7.2% in the 1st quarter. Cetera Investment Advisers now owns 4,804 shares of the transportation company's stock valued at $350,000 after buying an additional 322 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors and hedge funds.

International Seaways Company Profile

International Seaways, Inc NYSE: INSW is a maritime transportation company that owns and operates oceangoing tankers. The company transports crude oil, refined petroleum products and other liquid cargoes for energy producers, commodity traders, refiners and other customers worldwide.

Its fleet includes crude-oil tankers serving major international trade routes, as well as product tankers used to move gasoline, diesel, jet fuel and other refined petroleum products. International Seaways employs a combination of time-charter, voyage-charter and pool arrangements to market its vessels and provide transportation services.

International Seaways was established in 2016 through the separation of the international tanker business from Overseas Shipholding Group.

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