SummitTX Capital L.P. Acquires Shares of 65,059 International Seaways Inc. $INSW

SummitTX Capital L.P. acquired a new stake in shares of International Seaways Inc. (NYSE:INSW) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 65,059 shares of the transportation company’s stock, valued at approximately $4,742,000.

A number of other institutional investors have also made changes to their positions in INSW. Lazard Asset Management LLC acquired a new stake in International Seaways during the 1st quarter valued at $2,081,000. OMERS ADMINISTRATION Corp lifted its holdings in International Seaways by 11.4% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 24,500 shares of the transportation company’s stock worth $1,786,000 after buying an additional 2,500 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in International Seaways by 167.6% in the 1st 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 last quarter. Lido Advisors LLC purchased a new position in International Seaways in the 1st quarter valued at about $222,000. Finally, Cetera Investment Advisers grew its stake in shares of International Seaways by 7.2% during the first quarter. Cetera Investment Advisers now owns 4,804 shares of the transportation company’s stock valued at $350,000 after acquiring an additional 322 shares in the last quarter. 67.29% of the stock is owned by institutional investors and hedge funds.

International Seaways Price Performance

Shares of INSW opened at $90.53 on Tuesday. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of 8.24 and a beta of -0.12. The stock has a 50 day moving average of $83.86 and a 200-day moving average of $74.87. The company has a current ratio of 7.34, a quick ratio of 7.28 and a debt-to-equity ratio of 0.26. International Seaways Inc. has a 52 week low of $39.06 and a 52 week high of $93.48.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $1.03. The business had revenue of $325.48 million during the quarter, compared to the consensus estimate of $279.34 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.The business’s quarterly revenue was up 77.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.80 EPS. As a group, analysts forecast that International Seaways Inc. will post 15.62 EPS for the current year.

International Seaways Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a dividend of $0.12 per share. The ex-dividend date was Friday, June 12th. This represents a $0.48 annualized dividend and a yield of 0.5%. International Seaways’s payout ratio is presently 4.37%.

Insider Buying and Selling at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.34, for a total value of $162,680.00. Following the transaction, the chief executive officer directly owned 177,745 shares in the company, valued at approximately $14,457,778.30. This trade represents a 1.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.68, for a total transaction of $81,680.00. Following the completion of the transaction, the chief financial officer directly owned 101,984 shares of the company’s stock, valued at $8,330,053.12. This trade represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 42,530 shares of company stock worth $3,699,995 in the last ninety days. 1.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on INSW shares. Wall Street Zen raised International Seaways from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 13th. Weiss Ratings upgraded International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Zacks Research lowered International Seaways from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 25th. BTIG Research increased their target price on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $100.00 price target on shares of International Seaways in a research report on Friday, May 8th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $86.00.

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.