International Seaways (NYSE:INSW) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of International Seaways (NYSE:INSW) from a strong-buy rating to a hold rating in a research note released on Thursday morning,Zacks.com reports.

Several other equities research analysts have also issued reports on INSW. Weiss Ratings upgraded shares of International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Jefferies Financial Group restated a “buy” rating and issued a $100.00 price objective on shares of International Seaways in a report on Friday, May 8th. Wall Street Zen raised International Seaways from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 13th. Benchmark reiterated a “buy” rating on shares of International Seaways in a report on Thursday, February 26th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on International Seaways from $63.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $86.00.

International Seaways Price Performance

Shares of INSW opened at $79.29 on Thursday. The company has a quick ratio of 7.28, a current ratio of 7.34 and a debt-to-equity ratio of 0.26. International Seaways has a twelve month low of $36.03 and a twelve month high of $92.66. The stock has a market capitalization of $3.93 billion, a P/E ratio of 7.22 and a beta of -0.12. The company has a 50 day moving average of $82.51 and a 200-day moving average of $69.18.

International Seaways (NYSE:INSW) last announced its quarterly earnings data on Thursday, May 7th. The transportation company reported $3.90 EPS for the quarter, topping analysts’ consensus estimates of $2.87 by $1.03. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The business had revenue of $325.48 million for the quarter, compared to analyst estimates of $279.34 million. During the same quarter in the previous year, the firm posted $0.80 earnings per share. The firm’s revenue for the quarter was up 77.5% on a year-over-year basis. As a group, equities research analysts forecast that International Seaways will post 14.99 EPS for the current fiscal year.

International Seaways Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Friday, June 12th. International Seaways’s dividend payout ratio is 4.37%.

Insider Activity

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.68, for a total value of $81,680.00. Following the completion of the sale, the chief financial officer owned 101,984 shares in the company, valued at $8,330,053.12. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Derek G. Solon sold 4,700 shares of International Seaways stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $89.22, for a total transaction of $419,334.00. Following the completion of the transaction, the senior vice president directly owned 49,719 shares of the company’s stock, valued at approximately $4,435,929.18. This trade represents a 8.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 45,530 shares of company stock worth $3,923,635. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On International Seaways

Hedge funds and other institutional investors have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership raised its stake 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 buying an additional 380,931 shares during the period. Amundi bought a new position in shares of International Seaways during the 4th quarter worth approximately $13,663,000. Acorn Financial Advisory Services Inc. ADV bought a new position in shares of International Seaways during the 1st quarter worth approximately $13,145,000. Tudor Investment Corp ET AL acquired a new position in shares of International Seaways during the 4th quarter worth approximately $7,087,000. Finally, American Century Companies Inc. increased its holdings in shares of International Seaways by 7.5% during the 3rd quarter. American Century Companies Inc. now owns 1,994,978 shares of the transportation company’s stock worth $91,929,000 after acquiring an additional 139,868 shares during the last quarter. Institutional investors own 67.29% of the company’s stock.

About International Seaways

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.