International Seaways (NYSE:INSW) Sets New 1-Year High - Still a Buy?

Key Points

• International Seaways reached a new 52-week high of $106.73, while analysts maintained a generally positive outlook: five analysts rate it Buy and two Hold. However, the consensus price target of $94.75 is below the recent share price.
• The company reported strong quarterly results, with EPS of $5.91 beating estimates and revenue rising 138.9% year over year to $467.29 million. Its net margin was 61.98%, supported by robust tanker-market conditions.
• International Seaways announced a sharply increased quarterly dividend of $5.05 per share, implying a 19.5% annualized yield, while institutional ownership climbed to 67.29%; recent insider activity, however, consisted of stock sales.

Shares of International Seaways Inc. (NYSE:INSW - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $106.73 and last traded at $103.6960, with a volume of 828368 shares traded. The stock had previously closed at $104.50.

Analysts Set New Price Targets

A number of analysts have recently commented on INSW shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $107.00 price target on shares of International Seaways in a research note on Tuesday, September 1st. Weiss Ratings reiterated a "buy (b-)" rating on shares of International Seaways in a report on Friday, August 7th. Zacks Research downgraded shares of International Seaways from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. BTIG Research boosted their target price on shares of International Seaways from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Finally, Jefferies Financial Group raised their price target on shares of International Seaways from $100.00 to $108.00 and gave the company a "buy" rating in a research note on Thursday, August 13th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.75.

International Seaways Stock Down 0.8%

The stock's 50-day moving average price is $93.19 and its 200-day moving average price is $83.21. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 6.63, a P/E/G ratio of 0.27 and a beta of -0.13.

International Seaways (NYSE:INSW - Get Free Report) last announced its earnings results 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 business had revenue of $467.29 million during the quarter, compared to the consensus estimate of $406.38 million. During the same quarter last year, the firm earned $1.02 earnings per share. International Seaways's quarterly revenue was up 138.9% on a year-over-year basis. On average, sell-side analysts expect that International Seaways Inc. will post 16.09 earnings per share for the current year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a dividend of $5.05 per share. This represents a $20.20 annualized dividend and a dividend yield of 19.5%. The ex-dividend date is Thursday, September 10th. This is a positive change from International Seaways's previous quarterly dividend of $0.12. International Seaways's dividend payout ratio is currently 3.07%.

Insider Activity at International Seaways

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction of $81,680.00. Following the transaction, the chief financial officer directly owned 101,984 shares in the company, valued at approximately $8,330,053.12. This represents a 0.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $98.44, for a total value of $196,880.00. Following the transaction, the chief executive officer owned 173,745 shares in the company, valued at $17,103,457.80. The trade was a 1.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 5,000 shares of company stock valued at $441,240 in the last ninety days. 1.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in International Seaways in the second quarter worth $505,153,000. California State Teachers Retirement System boosted its position 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 worth $284,491,000 after purchasing an additional 3,664,614 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of International Seaways by 167.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company's stock worth $44,330,000 after purchasing an additional 380,931 shares in the last quarter. Amundi acquired a new stake in shares of International Seaways in the 4th quarter valued at about $13,663,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of International Seaways in the 2nd quarter valued at about $21,082,000. 67.29% of the stock is owned by institutional investors.

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.

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