International Seaways (NYSE:INSW) Stock Gets Downgrade from Zacks Research

International Seaways (NYSE:INSW) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks reports.

Other equities research analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $107.00 price objective on shares of International Seaways in a research report on Tuesday, September 1st. BTIG Research raised their target price on International Seaways from $100.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, September 18th. Jefferies Financial Group lifted their target price on International Seaways from $100.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Weiss Ratings upgraded International Seaways from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, B. Riley Financial boosted their price objective on International Seaways from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, October 5th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, International Seaways presently has a consensus rating of “Moderate Buy” and an average price target of $109.80.

International Seaways Stock Performance

NYSE:INSW traded up $3.68 on Thursday, hitting $98.15. The stock had a trading volume of 791,072 shares, compared to its average volume of 810,007. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of 4.65, a price-to-earnings-growth ratio of 0.28 and a beta of -0.10. The company has a quick ratio of 5.76, a current ratio of 5.94 and a debt-to-equity ratio of 0.27. The business’s 50-day simple moving average is $108.69 and its two-hundred day simple moving average is $86.58. International Seaways has a 52-week low of $46.09 and a 52-week high of $126.27.

International Seaways (NYSE:INSW) last issued its quarterly earnings data on Thursday, November 5th. The transportation company reported $5.84 earnings per share for the quarter, missing the consensus estimate of $6.13 by ($0.29). International Seaways had a return on equity of 31.75% and a net margin of 61.98%. The business had revenue of $483.20 million during the quarter, compared to the consensus estimate of $349.50 million. During the same quarter last year, the company earned $1.15 EPS. International Seaways’s revenue for the quarter was up 146.0% on a year-over-year basis. As a group, research analysts predict that International Seaways will post 17.47 earnings per share for the current year.

Insider Transactions at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $114.23, for a total transaction of $228,460.00. Following the completion of the sale, the chief executive officer directly owned 169,745 shares of the company’s stock, valued at approximately $19,389,971.35. The trade was a 1.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Finance Ltd Famatown sold 64,821 shares of the business’s stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $125.05, for a total transaction of $8,105,866.05. Following the sale, the insider directly owned 6,500,566 shares of the company’s stock, valued at $812,895,778.30. This represents a 0.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 655,028 shares of company stock worth $76,362,341 over the last three months. 1.70% of the stock is currently owned by corporate insiders.

Institutional Trading of International Seaways

Hedge funds have recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System raised its position in shares of International Seaways by 55.5% in the 3rd quarter. Maryland State Retirement & Pension System now owns 9,236 shares of the transportation company’s stock worth $1,017,000 after acquiring an additional 3,298 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in International Seaways by 0.5% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 29,150 shares of the transportation company’s stock valued at $3,211,000 after purchasing an additional 134 shares during the last quarter. Kestra Investment Management LLC grew its stake in International Seaways by 4.2% in the third quarter. Kestra Investment Management LLC now owns 10,788 shares of the transportation company’s stock valued at $1,188,000 after purchasing an additional 431 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of International Seaways by 5.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 18,785 shares of the transportation company’s stock valued at $2,153,000 after buying an additional 1,009 shares during the last quarter. Finally, Brighton Jones LLC bought a new stake in shares of International Seaways in the 3rd quarter valued at about $279,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

About International Seaways

International Seaways, Inc (NYSE: INSW) is a maritime transportation company that owns and operates oceangoing tankers. Its vessels transport crude oil, refined petroleum products and other energy-related cargoes for oil companies, commodity traders, refiners and other customers in international markets.

The company’s fleet includes large crude carriers and product tankers serving a range of transportation needs. International Seaways operates vessels on the global waterborne energy transportation network, with routes connecting major oil-producing regions, refining centers and consuming markets.

International Seaways was established as an independent public company in 2016 following its spin-off from Overseas Shipholding Group.