$66.43 Million in Sales Expected for International Seaways Inc. (INSW) This Quarter
Wall Street brokerages expect that International Seaways Inc. (NYSE:INSW) will post $66.43 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for International Seaways’ earnings. The highest sales estimate is $69.38 million and the lowest is $63.90 million. International Seaways posted sales of $80.77 million during the same quarter last year, which would suggest a negative year over year growth rate of 17.8%. The firm is expected to issue its next earnings results on Monday, December 4th.
According to Zacks, analysts expect that International Seaways will report full year sales of $66.43 million for the current year, with estimates ranging from $293.80 million to $315.39 million. For the next fiscal year, analysts forecast that the business will post sales of $331.42 million per share, with estimates ranging from $324.70 million to $344.00 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow International Seaways.
International Seaways (NYSE:INSW) last posted its earnings results on Wednesday, August 9th. The transportation company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by $0.55. The business had revenue of $71.90 million for the quarter, compared to analyst estimates of $73 million. International Seaways had a positive return on equity of 0.91% and a negative net margin of 31.22%. International Seaways’s revenue was down 30.3% on a year-over-year basis.
A number of analysts recently commented on the company. Zacks Investment Research raised International Seaways from a “sell” rating to a “hold” rating in a research report on Thursday, July 20th. J P Morgan Chase & Co assumed coverage on International Seaways in a research report on Tuesday, June 13th. They set an “overweight” rating and a $30.00 price target for the company.
Several institutional investors and hedge funds have recently modified their holdings of INSW. Russell Investments Group Ltd. increased its position in shares of International Seaways by 25.3% during the second quarter. Russell Investments Group Ltd. now owns 436,665 shares of the transportation company’s stock valued at $9,463,000 after acquiring an additional 88,302 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of International Seaways by 85.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 54,098 shares of the transportation company’s stock valued at $1,173,000 after acquiring an additional 25,000 shares during the last quarter. Rhumbline Advisers increased its position in shares of International Seaways by 105.2% during the second quarter. Rhumbline Advisers now owns 33,878 shares of the transportation company’s stock valued at $734,000 after acquiring an additional 17,369 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of International Seaways by 74.4% during the second quarter. Bank of New York Mellon Corp now owns 132,538 shares of the transportation company’s stock valued at $2,871,000 after acquiring an additional 56,562 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of International Seaways by 61.7% during the second quarter. Legal & General Group Plc now owns 6,350 shares of the transportation company’s stock valued at $138,000 after acquiring an additional 2,424 shares during the last quarter. 86.29% of the stock is owned by institutional investors.
International Seaways (INSW) opened at 18.13 on Friday. International Seaways has a 12-month low of $9.00 and a 12-month high of $23.43. The firm’s market capitalization is $530.27 million. The company’s 50 day moving average price is $20.48 and its 200-day moving average price is $20.06.
International Seaways Company Profile
International Seaways, Inc and its subsidiaries own and operate a fleet of oceangoing vessels. The Company’s oceangoing vessels engage in the transportation of crude oil and petroleum products in the International Flag trades. The Company’s segments are International Crude Tankers and International Product Carriers.
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