International Seaways (NYSE:INSW) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of International Seaways (NYSE:INSW) from a hold rating to a strong-buy rating in a research report report published on Wednesday,Zacks reports.

Several other analysts also recently weighed in on INSW. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $107.00 price objective on shares of International Seaways in a research report on Tuesday, September 1st. 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. B. Riley Financial lifted their price target on International Seaways from $120.00 to $140.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings restated a “buy (b-)” rating on shares of International Seaways in a research report on Friday, August 7th. Finally, BTIG Research boosted their price target on International Seaways from $100.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, International Seaways has an average rating of “Buy” and a consensus target price of $109.80.

International Seaways Trading Up 3.8%

Shares of NYSE INSW opened at $121.35 on Wednesday. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 7.76, a price-to-earnings-growth ratio of 0.28 and a beta of -0.14. The stock’s 50 day simple moving average is $102.67 and its 200 day simple moving average is $89.21. The company has a current ratio of 5.94, a quick ratio of 5.76 and a debt-to-equity ratio of 0.27. International Seaways has a 12-month low of $42.26 and a 12-month high of $121.82.

International Seaways (NYSE:INSW) last issued 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 last year, the company earned $1.02 earnings per share. The firm’s revenue for the quarter was up 138.9% on a year-over-year basis. Equities research analysts expect that International Seaways will post 17.08 EPS for the current year.

International Seaways Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th were issued a $5.05 dividend. This represents a $20.20 annualized dividend and a dividend yield of 16.6%. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, September 10th. International Seaways’s payout ratio is 129.16%.

Insider Buying and Selling

In other International Seaways news, CEO Lois Zabrocky sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $108.01, for a total value of $216,020.00. Following the completion of the sale, the chief executive officer directly owned 171,745 shares in the company, valued at $18,550,177.45. This represents a 1.15% decrease in their ownership of the stock. 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 insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in INSW. BlackRock Inc. acquired a new position in International Seaways in the 2nd quarter worth approximately $505,153,000. Arrowstreet Capital Limited Partnership grew its position in 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. Bank of New York Mellon Corp acquired a new stake in International Seaways during the 2nd quarter valued at $21,082,000. Empowered Funds LLC acquired a new stake in International Seaways during the 2nd quarter valued at $19,711,000. Finally, Acorn Financial Advisory Services Inc. ADV purchased a new stake in shares of International Seaways in the first quarter valued at $13,145,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

About International Seaways

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.