International Seaways (NYSE:INSW) Reaches New 1-Year High Following Analyst Upgrade

International Seaways Inc. (NYSE:INSW) hit a new 52-week high during 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 changing hands. The stock had previously closed at $111.15.

Other research analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of International Seaways in a report on Friday, August 7th. Zacks Research downgraded International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Jefferies Financial Group raised their price objective on shares of International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $107.00 price objective on shares of International Seaways in a report on Tuesday, September 1st. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $102.25.

Insider Activity

In related 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 value of $216,020.00. Following the sale, the chief executive officer owned 171,745 shares of the company’s stock, valued at approximately $18,550,177.45. The trade was a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in International Seaways in the second quarter worth about $505,153,000. Dimensional Fund Advisors LP boosted its holdings in shares of International Seaways by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,024,755 shares of the transportation company’s stock valued at $220,436,000 after buying an additional 52,743 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in International Seaways by 167.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 608,265 shares of the transportation company’s stock valued at $44,330,000 after purchasing an additional 380,931 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in shares of International Seaways by 7.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 414,688 shares of the transportation company’s stock worth $20,133,000 after purchasing an additional 27,818 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in International Seaways during the second quarter valued at approximately $21,082,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Stock Up 0.7%

The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 7.02, a price-to-earnings-growth ratio of 0.29 and a beta of -0.13. The firm’s 50 day simple moving average is $96.84 and its 200 day simple moving average is $85.25.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating analysts’ consensus estimates of $5.55 by $0.36. The business had revenue of $467.29 million during the quarter, compared to analyst estimates of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. International Seaways’s revenue was up 138.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 EPS. Sell-side analysts anticipate that International Seaways Inc. will post 16.09 EPS for the current fiscal year.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a $5.05 dividend. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $20.20 annualized dividend and a yield of 18.0%. The ex-dividend date is Thursday, September 10th. International Seaways’s dividend payout ratio (DPR) is currently 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.