International Seaways (NYSE:INSW) Cut to Buy at Wall Street Zen

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

Other equities research analysts have also issued research reports about the stock. Zacks Research raised shares of International Seaways from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 2nd. Deutsche Bank Aktiengesellschaft upped their price target on shares of International Seaways from $63.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Weiss Ratings upgraded International Seaways from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 23rd. BTIG Research boosted their price objective on International Seaways from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, Pareto Securities raised 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. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $68.00.

International Seaways Stock Down 0.1%

Shares of International Seaways stock opened at $75.31 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.71 and a current ratio of 3.71. International Seaways has a one year low of $27.20 and a one year high of $78.51. The company has a market cap of $3.72 billion, a P/E ratio of 12.09 and a beta of -0.23. The firm has a fifty day moving average of $67.52 and a two-hundred day moving average of $56.19.

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, topping analysts’ consensus estimates of $1.75 by $0.70. The firm had revenue of $267.88 million during the quarter, compared to the consensus estimate of $245.29 million. International Seaways had a net margin of 36.67% and a return on equity of 13.92%. The company’s revenue was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 EPS. On average, analysts forecast that International Seaways will post 7.77 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Randee E. Day sold 4,090 shares of the business’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $74.93, for a total value of $306,463.70. Following the transaction, the director owned 18,435 shares in the company, valued at approximately $1,381,334.55. The trade was a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP William F. Nugent sold 9,583 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $76.00, for a total value of $728,308.00. Following the completion of the transaction, the senior vice president directly owned 52,572 shares of the company’s stock, valued at $3,995,472. This represents a 15.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 60,697 shares of company stock worth $4,459,450 over the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Several hedge funds and other institutional investors have recently bought and sold shares of INSW. Royal Bank of Canada grew its position in shares of International Seaways by 42.0% during the first quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company’s stock worth $311,000 after buying an additional 2,768 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in International Seaways by 3.9% during 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 acquiring an additional 900 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in International Seaways by 16.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 128,428 shares of the transportation company’s stock valued at $4,264,000 after acquiring an additional 18,509 shares during the last quarter. Prudential Financial Inc. acquired a new position in International Seaways during the 2nd quarter worth $223,000. Finally, New York State Common Retirement Fund increased its position in shares of International Seaways by 22.0% in the 2nd quarter. New York State Common Retirement Fund now owns 26,645 shares of the transportation company’s stock worth $972,000 after purchasing an additional 4,800 shares during the last quarter. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

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.