International Seaways (NYSE:INSW) Sets New 52-Week High Following Analyst Upgrade

Key Points

• International Seaways reached a new 52-week high after BTIG Research raised its price target from $100 to $130 and maintained a buy rating. The stock traded as high as $113.14, while analysts overall assign it a “Moderate Buy” consensus rating.
• The company reported strong quarterly results, with earnings of $5.91 per share and revenue of $467.29 million, up 138.9% year over year and above analyst expectations.
• International Seaways declared a quarterly dividend of $5.05 per share, equivalent to an annualized payout of $20.20 and an 18% yield. CEO Lois Zabrocky also sold 2,000 shares, while institutional investors own 67.29% of the stock.

International Seaways Inc. (NYSE:INSW - Get Free Report) reached a new 52-week high during mid-day trading on Monday after BTIG Research raised their price target on the stock from $100.00 to $130.00. BTIG Research currently has a buy rating on the stock. International Seaways traded as high as $113.14 and last traded at $108.4840, with a volume of 1798338 shares. The stock had previously closed at $111.15.

Several other equities research analysts have also recently weighed in on INSW. 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. Zacks Research downgraded International Seaways from a "strong-buy" rating to a "hold" rating in a report on Monday, August 24th. Jefferies Financial Group boosted their price objective on International Seaways from $100.00 to $108.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of International Seaways in a research report on Friday, August 7th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, International Seaways has a consensus rating of "Moderate Buy" and a consensus price target of $102.25.

Insider Transactions at International Seaways

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

Institutional Investors Weigh In On International Seaways

Large investors have recently modified their holdings of the stock. Tidal Investments LLC increased its stake in International Seaways by 59.3% in the second quarter. Tidal Investments LLC now owns 51,034 shares of the transportation company's stock valued at $3,909,000 after purchasing an additional 18,996 shares during the last quarter. Arlington Capital Management Inc. acquired a new stake in International Seaways during the 2nd quarter worth about $219,000. Engineers Gate Manager LP boosted its stake in shares of International Seaways by 43.8% during the 2nd quarter. Engineers Gate Manager LP now owns 13,375 shares of the transportation company's stock worth $1,024,000 after acquiring an additional 4,075 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of International Seaways in the second quarter valued at about $92,000. Finally, NewEdge Advisors LLC boosted its holdings in shares of International Seaways by 14.2% in the 2nd quarter. NewEdge Advisors LLC now owns 11,164 shares of the transportation company's stock worth $855,000 after acquiring an additional 1,390 shares in the last quarter. Hedge funds and other institutional investors own 67.29% of the company's stock.

International Seaways Stock Performance

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 50 day moving average price of $96.84 and a two-hundred day moving average price of $85.25. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 7.02, a P/E/G ratio of 0.29 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 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $406.38 million. During the same period last year, the firm earned $1.02 earnings per share. The business's revenue for the quarter was up 138.9% on a year-over-year basis. Analysts predict that International Seaways Inc. will post 16.09 EPS for the current year.

International Seaways Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a dividend of $5.05 per share. 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 18.0%. This is an increase from International Seaways's previous quarterly dividend of $0.12. International Seaways's payout ratio is presently 129.16%.

International Seaways Company 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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