Fearnley Asset Management AS Buys New Position in International Seaways Inc. $INSW

Fearnley Asset Management AS bought a new stake in International Seaways Inc. (NYSE:INSW) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 128,900 shares of the transportation company’s stock, valued at approximately $6,258,000. International Seaways comprises about 2.9% of Fearnley Asset Management AS’s holdings, making the stock its 14th biggest position.

Other institutional investors also recently added to or reduced their stakes in the company. First Horizon Corp boosted its position in shares of International Seaways by 121.6% in the fourth quarter. First Horizon Corp now owns 687 shares of the transportation company’s stock valued at $33,000 after acquiring an additional 377 shares during the period. Leonteq Securities AG bought a new position in shares of International Seaways during the 4th quarter worth about $44,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of International Seaways during the fourth quarter valued at about $46,000. Founders Capital Management raised its position in shares of International Seaways by 37.5% during the fourth quarter. Founders Capital Management now owns 1,100 shares of the transportation company’s stock valued at $53,000 after buying an additional 300 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of International Seaways in the third quarter valued at about $53,000. 67.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group reissued a “buy” rating and set a $100.00 target price on shares of International Seaways in a research report on Friday, May 8th. Wall Street Zen upgraded International Seaways from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 13th. Pareto Securities cut International Seaways from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of International Seaways from $63.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Finally, Benchmark restated a “buy” rating on shares of International Seaways in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $83.50.

Insider Activity at International Seaways

In related news, SVP Derek G. Solon sold 4,700 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $89.22, for a total value of $419,334.00. Following the completion of the transaction, the senior vice president owned 49,719 shares in the company, valued at $4,435,929.18. The trade was a 8.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Lois K. Zabrocky sold 25,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $88.08, for a total value of $2,202,000.00. Following the transaction, the chief executive officer directly owned 181,745 shares in the company, valued at approximately $16,008,099.60. This represents a 12.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 45,530 shares of company stock valued at $3,923,635 over the last ninety days. Company insiders own 1.70% of the company’s stock.

International Seaways Stock Performance

International Seaways stock opened at $84.37 on Friday. The firm has a market capitalization of $4.18 billion, a P/E ratio of 7.68 and a beta of -0.12. The stock has a fifty day moving average price of $81.39 and a two-hundred day moving average price of $68.00. International Seaways Inc. has a 52-week low of $36.03 and a 52-week high of $92.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 7.34 and a quick ratio of 7.28.

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

International Seaways Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. International Seaways’s payout ratio is currently 4.37%.

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.