Zacks Investment Research upgraded shares of International Seaways (NYSE:INSW) from a sell rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “International Seaways, Inc. is a tanker company. It provides energy transportation services for crude oil and petroleum products. The company owns and operates a fleet which includes ULCC, eight VLCCs, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 MR tankers. International Seaways, Inc. is headquartered in New York City. “
Several other equities analysts have also recently issued reports on INSW. Jefferies Financial Group assumed coverage on shares of International Seaways in a research report on Monday, October 1st. They set a buy rating and a $30.00 price target on the stock. Stifel Nicolaus assumed coverage on shares of International Seaways in a research report on Tuesday, September 25th. They set a buy rating and a $25.00 price target on the stock. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. International Seaways presently has an average rating of Buy and a consensus price target of $28.00.
Shares of NYSE INSW traded up $0.04 during midday trading on Wednesday, hitting $20.57. 77,834 shares of the company traded hands, compared to its average volume of 150,558. International Seaways has a 12-month low of $15.23 and a 12-month high of $24.78. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.99 and a quick ratio of 1.94. The stock has a market capitalization of $584.16 million, a P/E ratio of -70.93 and a beta of -0.91.
International Seaways (NYSE:INSW) last announced its quarterly earnings results on Wednesday, August 8th. The transportation company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($0.09). International Seaways had a negative net margin of 67.42% and a negative return on equity of 6.07%. The company had revenue of $56.91 million for the quarter, compared to analysts’ expectations of $46.74 million. Research analysts anticipate that International Seaways will post -2.34 earnings per share for the current year.
In related news, major shareholder Bluemountain Capital Managemen sold 207,015 shares of the business’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $20.87, for a total transaction of $4,320,403.05. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Paulson & Co. Inc. sold 101,673 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $19.00, for a total transaction of $1,931,787.00. The disclosure for this sale can be found here. Insiders have sold 1,710,468 shares of company stock worth $35,233,401 in the last quarter. 0.90% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. United Services Automobile Association bought a new stake in International Seaways during the second quarter worth about $225,000. Leisure Capital Management bought a new stake in International Seaways during the second quarter worth about $240,000. California Public Employees Retirement System bought a new stake in International Seaways during the first quarter worth about $235,000. Jane Street Group LLC bought a new stake in International Seaways during the second quarter worth about $427,000. Finally, LMR Partners LLP bought a new stake in International Seaways during the second quarter worth about $452,000. 85.39% of the stock is currently owned by institutional investors and hedge funds.
About International Seaways
International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the International Flag trades. It operates through two segments, Crude Tankers and Product Carriers. As of June 14, 2018, the company owned and operated a fleet of 55 vessels, including 1 ultra large crude carrier, 14 very large crude carriers, 2 Suezmaxes, 7 Aframaxes, 12 Panamaxes, and 13 medium range tankers.
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