International Seaways (NYSE:INSW) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of International Seaways (NYSE:INSW) from a buy rating to a strong-buy rating in a report issued on Saturday,Wall Street Zen reports.

A number of other analysts have also issued reports on INSW. Weiss Ratings upgraded International Seaways from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. B. Riley Financial raised their target price on International Seaways from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $107.00 target price on shares of International Seaways in a report on Tuesday, September 1st. Jefferies Financial Group upped their price target on International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Finally, Zacks Research raised shares of International Seaways from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 7th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $109.80.

International Seaways Stock Up 3.9%

Shares of INSW stock opened at $98.15 on Friday. The company has a quick ratio of 5.76, a current ratio of 6.69 and a debt-to-equity ratio of 0.28. International Seaways has a 52 week low of $46.09 and a 52 week high of $126.27. The company’s fifty day simple moving average is $108.69 and its two-hundred day simple moving average is $86.58. The stock has a market cap of $4.86 billion, a P/E ratio of 4.65, a PEG ratio of 0.26 and a beta of -0.10.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Thursday, November 5th. The transportation company reported $5.84 earnings per share for the quarter, missing the consensus estimate of $6.13 by ($0.29). The firm had revenue of $483.20 million during the quarter, compared to the consensus estimate of $349.50 million. International Seaways had a net margin of 68.19% and a return on equity of 40.81%. The business’s revenue was up 146.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.15 earnings per share. Analysts predict that International Seaways will post 22.29 EPS for the current fiscal year.

International Seaways Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 23rd. Investors of record on Wednesday, December 9th will be issued a dividend of $5.05 per share. This represents a $20.20 annualized dividend and a yield of 20.6%. The ex-dividend date is Wednesday, December 9th. International Seaways’s dividend payout ratio is presently 95.64%.

Insider Activity at International Seaways

In other news, major shareholder Finance Ltd Famatown sold 64,821 shares of International Seaways stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $125.05, for a total transaction of $8,105,866.05. Following the completion of the sale, the insider directly owned 6,500,566 shares in the company, valued at approximately $812,895,778.30. This trade represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lois Zabrocky sold 2,000 shares of the business’s stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $114.23, for a total transaction of $228,460.00. Following the completion of the sale, the chief executive officer directly owned 169,745 shares of the company’s stock, valued at approximately $19,389,971.35. This trade represents a 1.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 655,028 shares of company stock worth $76,362,341. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Hedge funds have recently made changes to their positions in the stock. Maryland State Retirement & Pension System lifted its holdings in shares of International Seaways by 55.5% during the third quarter. Maryland State Retirement & Pension System now owns 9,236 shares of the transportation company’s stock worth $1,017,000 after purchasing an additional 3,298 shares during the period. Knights of Columbus Asset Advisors LLC boosted its position in International Seaways by 0.5% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 29,150 shares of the transportation company’s stock valued at $3,211,000 after buying an additional 134 shares during the last quarter. Kestra Investment Management LLC boosted its position in International Seaways by 4.2% in the third quarter. Kestra Investment Management LLC now owns 10,788 shares of the transportation company’s stock valued at $1,188,000 after buying an additional 431 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in International Seaways by 5.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 18,785 shares of the transportation company’s stock worth $2,153,000 after buying an additional 1,009 shares during the period. Finally, Brighton Jones LLC acquired a new position in International Seaways in the 3rd quarter worth approximately $279,000. 67.29% of the stock is currently 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. Its vessels transport crude oil, refined petroleum products and other energy-related cargoes for oil companies, commodity traders, refiners and other customers in international markets.

The company’s fleet includes large crude carriers and product tankers serving a range of transportation needs. International Seaways operates vessels on the global waterborne energy transportation network, with routes connecting major oil-producing regions, refining centers and consuming markets.

International Seaways was established as an independent public company in 2016 following its spin-off from Overseas Shipholding Group.