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

International Seaways (NYSE:INSW) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on the stock. Benchmark reiterated a “buy” rating on shares of International Seaways in a research report on Thursday, February 26th. Pareto Securities raised shares of International Seaways from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Tuesday, January 20th. BTIG Research boosted their target price on International Seaways from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Wall Street Zen cut International Seaways from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of International Seaways in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $64.00.

International Seaways Price Performance

NYSE:INSW opened at $75.50 on Monday. International Seaways has a 52 week low of $27.20 and a 52 week high of $78.51. The stock’s fifty day moving average is $58.89 and its two-hundred day moving average is $52.10. The company has a market capitalization of $3.73 billion, a P/E ratio of 12.12 and a beta of -0.23. The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 0.27.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Thursday, February 26th. The transportation company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.70. The business had revenue of $267.88 million during the quarter, compared to analysts’ expectations of $245.29 million. International Seaways had a return on equity of 13.92% and a net margin of 36.67%.The company’s revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 EPS. Equities analysts expect that International Seaways will post 7.77 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $63.29, for a total transaction of $63,290.00. Following the completion of the transaction, the chief financial officer directly owned 83,463 shares of the company’s stock, valued at $5,282,373.27. The trade was a 1.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $63.96, for a total value of $127,920.00. Following the sale, the chief executive officer owned 178,421 shares in the company, valued at approximately $11,411,807.16. This trade represents a 1.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,000 shares of company stock worth $502,610 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On International Seaways

A number of institutional investors and hedge funds have recently made changes to their positions in INSW. Fearnley Asset Management AS acquired a new stake in International Seaways in the fourth quarter valued at approximately $6,258,000. Invesco Ltd. increased its position in shares of International Seaways by 27.9% in the 4th quarter. Invesco Ltd. now owns 341,939 shares of the transportation company’s stock valued at $16,601,000 after purchasing an additional 74,635 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of International Seaways by 41.4% in the 4th quarter. Mackenzie Financial Corp now owns 19,760 shares of the transportation company’s stock valued at $954,000 after purchasing an additional 5,783 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of International Seaways by 416.1% in the 4th quarter. NewEdge Advisors LLC now owns 10,807 shares of the transportation company’s stock valued at $525,000 after purchasing an additional 8,713 shares in the last quarter. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in shares of International Seaways during the 4th quarter worth $46,000. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Company Profile

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.