International Seaways (NYSE:INSW – Get Free Report) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.
Other analysts also recently issued research reports about the stock. Benchmark reiterated a “buy” rating on shares of International Seaways in a report on Thursday, February 26th. Jefferies Financial Group restated a “buy” rating and set a $100.00 price target on shares of International Seaways in a research note on Friday, May 8th. Weiss Ratings upgraded International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. BTIG Research raised their price target on International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on International Seaways from $63.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, International Seaways presently has a consensus rating of “Moderate Buy” and an average target price of $86.00.
Get Our Latest Research Report on INSW
International Seaways Trading Down 2.7%
International Seaways (NYSE:INSW – Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $1.03. International Seaways had a net margin of 55.39% and a return on equity of 21.04%. The business had revenue of $325.48 million for the quarter, compared to the consensus estimate of $279.34 million. During the same period in the previous year, the firm earned $0.80 EPS. The business’s revenue was up 77.5% on a year-over-year basis. On average, analysts predict that International Seaways will post 14.99 EPS for the current year.
Insider Buying and Selling at International Seaways
In other news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.34, for a total transaction of $162,680.00. Following the sale, the chief executive officer owned 177,745 shares of the company’s stock, valued at approximately $14,457,778.30. This represents a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Derek G. Solon sold 4,700 shares of the company’s stock in a transaction 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 sale, the senior vice president directly owned 49,719 shares in the company, valued at $4,435,929.18. This represents a 8.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 45,530 shares of company stock valued at $3,923,635 in the last quarter. Corporate insiders own 1.70% of the company’s stock.
Institutional Investors Weigh In On International Seaways
Large investors have recently bought and sold shares of the stock. Royal Bank of Canada increased its holdings in International Seaways by 42.0% during the 1st quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company’s stock worth $311,000 after purchasing an additional 2,768 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of International Seaways by 3.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,089 shares of the transportation company’s stock valued at $800,000 after buying an additional 900 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of International Seaways by 16.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 128,428 shares of the transportation company’s stock worth $4,264,000 after buying an additional 18,509 shares in the last quarter. Prudential Financial Inc. acquired a new position in shares of International Seaways during the second quarter worth about $223,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of International Seaways during the second quarter worth about $1,626,000. Hedge funds and other institutional investors own 67.29% of the company’s stock.
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.
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