Zacks Investment Research Downgrades International Seaways (NYSE:INSW) to Hold

Zacks Investment Research lowered shares of International Seaways (NYSE:INSWGet Rating) from a strong-buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

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. StockNews.com upgraded International Seaways to a sell rating in a report on Friday, April 29th. B. Riley reiterated a buy rating on shares of International Seaways in a report on Tuesday, February 8th. Finally, Jefferies Financial Group started coverage on International Seaways in a report on Wednesday, April 27th. They issued a buy rating and a $27.00 price target on the stock.

International Seaways stock opened at $21.94 on Tuesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a fifty day moving average price of $19.41 and a two-hundred day moving average price of $17.11. International Seaways has a 52-week low of $13.05 and a 52-week high of $22.98. The firm has a market capitalization of $1.09 billion, a P/E ratio of -7.19 and a beta of -0.01.

International Seaways (NYSE:INSWGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The transportation company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.16. International Seaways had a negative return on equity of 7.65% and a negative net margin of 40.68%. During the same quarter last year, the company earned ($0.48) earnings per share. On average, equities research analysts predict that International Seaways will post 2.71 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, March 28th. Investors of record on Monday, March 14th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend was Friday, March 11th. International Seaways’s dividend payout ratio is presently -7.87%.

In related news, major shareholder Finance Ltd Famatown purchased 100,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was purchased at an average cost of $21.71 per share, for a total transaction of $2,171,000.00. Following the completion of the purchase, the insider now directly owns 8,266,856 shares in the company, valued at $179,473,443.76. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 3,000 shares of company stock valued at $57,690. Corporate insiders own 2.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of INSW. Donald Smith & CO. Inc. boosted its stake in shares of International Seaways by 82.8% during the 3rd quarter. Donald Smith & CO. Inc. now owns 3,525,759 shares of the transportation company’s stock worth $64,239,000 after acquiring an additional 1,596,963 shares during the period. BlackRock Inc. boosted its stake in shares of International Seaways by 69.4% during the 3rd quarter. BlackRock Inc. now owns 3,164,443 shares of the transportation company’s stock worth $57,657,000 after acquiring an additional 1,296,577 shares during the period. Brightlight Capital Management LP bought a new position in shares of International Seaways during the 1st quarter worth approximately $20,511,000. Lord Abbett & CO. LLC bought a new position in shares of International Seaways during the 3rd quarter worth approximately $12,458,000. Finally, Private Management Group Inc. boosted its stake in shares of International Seaways by 1,275.1% during the 4th quarter. Private Management Group Inc. now owns 644,918 shares of the transportation company’s stock worth $9,467,000 after acquiring an additional 598,018 shares during the period. Institutional investors own 78.00% of the company’s stock.

About International Seaways (Get Rating)

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments, Crude Tankers and Product Carriers. As of December 31, 2021, the company owned and operated a fleet of 83 vessels, which include 12 chartered-in vessels, as well as had ownership interests in two floating storage and offloading service vessels.

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