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

International Seaways (NYSE:INSW) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Saturday.

Several other research analysts have also recently weighed in on INSW. BTIG Research boosted their price objective on shares of International Seaways from $70.00 to $80.00 and gave the company a “buy” rating in a 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 target price for the company in a research report on Tuesday, January 20th. Zacks Research upgraded shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 2nd. Weiss Ratings raised International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft raised their price target on International Seaways from $63.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $68.00.

International Seaways Price Performance

Shares of NYSE:INSW opened at $71.09 on Friday. International Seaways has a fifty-two week low of $27.20 and a fifty-two week high of $78.51. The business has a 50-day simple moving average of $65.87 and a two-hundred day simple moving average of $55.24. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.71 and a current ratio of 3.71. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 11.41 and a beta of -0.23.

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

Insider Buying and Selling

In other International Seaways news, SVP Derek G. Solon sold 6,000 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $75.41, for a total value of $452,460.00. Following the transaction, the senior vice president directly owned 50,989 shares in the company, valued at approximately $3,845,080.49. This trade represents a 10.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William F. Nugent sold 9,583 shares of International Seaways stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $76.00, for a total transaction of $728,308.00. Following the transaction, the senior vice president owned 52,572 shares in the company, valued at $3,995,472. This represents a 15.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 60,697 shares of company stock valued at $4,459,450 in the last 90 days. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On International Seaways

Several hedge funds and other institutional investors have recently modified their holdings of INSW. Pacer Advisors Inc. grew its holdings in International Seaways by 4,255.3% during the third quarter. Pacer Advisors Inc. now owns 197,380 shares of the transportation company’s stock valued at $9,095,000 after purchasing an additional 192,848 shares during the period. Marex Group plc bought a new position in shares of International Seaways in the second quarter worth about $4,276,000. Denali Advisors LLC raised its stake in shares of International Seaways by 94.3% in the third quarter. Denali Advisors LLC now owns 48,774 shares of the transportation company’s stock worth $2,248,000 after buying an additional 23,674 shares during the period. American Century Companies Inc. lifted its position 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 valued at $91,929,000 after buying an additional 139,868 shares in the last quarter. Finally, Creative Planning lifted its position in shares of International Seaways by 270.9% during the 2nd quarter. Creative Planning now owns 30,981 shares of the transportation company’s stock valued at $1,130,000 after buying an additional 22,628 shares in the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

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.