International Seaways (NYSE:INSW) Announces Quarterly Earnings Results

International Seaways (NYSE:INSW) released its earnings results on Monday. The transportation company reported $5.91 EPS for the quarter, topping analysts’ consensus estimates of $5.43 by $0.48, FiscalAI reports. The company had revenue of $467.29 million for the quarter, compared to the consensus estimate of $403.24 million. International Seaways had a return on equity of 21.04% and a net margin of 55.39%.

International Seaways Stock Performance

Shares of NYSE INSW opened at $91.99 on Monday. The company has a quick ratio of 7.28, a current ratio of 7.34 and a debt-to-equity ratio of 0.26. The firm’s 50-day moving average price is $85.93 and its two-hundred day moving average price is $77.30. International Seaways has a 52-week low of $41.20 and a 52-week high of $98.23. The stock has a market capitalization of $4.55 billion, a P/E ratio of 8.38 and a beta of -0.13.

Insider Buying and Selling

In other news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction of $81,680.00. Following the sale, the chief financial officer directly owned 101,984 shares in the company, valued at approximately $8,330,053.12. This represents a 0.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Derek G. Solon sold 4,700 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $89.22, for a total value of $419,334.00. Following the completion of the sale, the senior vice president directly owned 49,719 shares in the company, valued at approximately $4,435,929.18. This trade represents a 8.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 42,530 shares of company stock valued at $3,699,995 over the last three months. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On International Seaways

A number of hedge funds have recently added to or reduced their stakes in the stock. Garton & Associates Financial Advisors LLC acquired a new position in shares of International Seaways during the fourth quarter valued at $46,000. Advisory Services Network LLC acquired a new stake in shares of International Seaways in the 3rd quarter worth about $53,000. EverSource Wealth Advisors LLC increased its holdings in shares of International Seaways by 601.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,508 shares of the transportation company’s stock worth $55,000 after acquiring an additional 1,293 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of International Seaways in the 3rd quarter worth about $64,000. Finally, NewEdge Advisors LLC lifted its position in International Seaways by 240.1% in the 2nd quarter. NewEdge Advisors LLC now owns 2,010 shares of the transportation company’s stock valued at $73,000 after purchasing an additional 1,419 shares during the last quarter. 67.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on INSW. Weiss Ratings reiterated a “buy (b-)” rating on shares of International Seaways in a report on Friday. Pareto Securities cut International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Wall Street Zen raised shares of International Seaways from a “buy” rating to a “strong-buy” rating in a report on Monday, April 13th. Zacks Research upgraded shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $100.00 target price on shares of International Seaways in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, International Seaways has a consensus rating of “Buy” and an average target price of $86.00.

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.