International Seaways (NYSE:INSW) PT Raised to $66.00

International Seaways (NYSE:INSW) had its price objective boosted by Deutsche Bank Aktiengesellschaft from $62.00 to $66.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the transportation company’s stock. Deutsche Bank Aktiengesellschaft’s price objective points to a potential upside of 5.99% from the company’s previous close.

Several other brokerages have also issued reports on INSW. StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Saturday, April 27th. Jefferies Financial Group reissued a “buy” rating and issued a $66.00 target price on shares of International Seaways in a research note on Thursday, February 29th. Finally, Stifel Nicolaus lifted their price target on International Seaways from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, International Seaways presently has an average rating of “Moderate Buy” and an average price target of $63.25.

International Seaways Stock Performance

Shares of International Seaways stock traded up $0.98 during mid-day trading on Thursday, hitting $62.27. 620,789 shares of the stock were exchanged, compared to its average volume of 554,026. The company has a market capitalization of $3.05 billion, a P/E ratio of 5.55 and a beta of -0.05. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.37 and a current ratio of 2.38. The company has a 50-day simple moving average of $53.52 and a 200 day simple moving average of $50.41. International Seaways has a 12 month low of $34.77 and a 12 month high of $62.62.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Wednesday, May 8th. The transportation company reported $2.92 EPS for the quarter, beating the consensus estimate of $2.38 by $0.54. International Seaways had a net margin of 51.92% and a return on equity of 32.03%. The business had revenue of $274.40 million for the quarter, compared to the consensus estimate of $249.12 million. During the same period in the prior year, the firm earned $3.30 earnings per share. The company’s revenue was down 4.4% compared to the same quarter last year. Sell-side analysts anticipate that International Seaways will post 9.33 earnings per share for the current fiscal year.

Insider Transactions at International Seaways

In related news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $54.87, for a total transaction of $54,870.00. Following the transaction, the chief financial officer now owns 76,849 shares in the company, valued at $4,216,704.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $54.87, for a total transaction of $54,870.00. Following the completion of the transaction, the chief financial officer now directly owns 76,849 shares in the company, valued at approximately $4,216,704.63. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Douglas D. Wheat sold 3,846 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $51.22, for a total value of $196,992.12. Following the sale, the director now directly owns 26,056 shares in the company, valued at $1,334,588.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,846 shares of company stock valued at $3,074,618. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Institutional investors have recently modified their holdings of the stock. Donald Smith & CO. Inc. boosted its holdings in International Seaways by 24.6% during the 4th quarter. Donald Smith & CO. Inc. now owns 1,613,803 shares of the transportation company’s stock valued at $73,396,000 after acquiring an additional 318,962 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in shares of International Seaways during the 4th quarter valued at $14,399,000. Vanguard Group Inc. boosted its position in shares of International Seaways by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 3,581,058 shares of the transportation company’s stock worth $161,148,000 after purchasing an additional 181,287 shares in the last quarter. Hosking Partners LLP increased its position in International Seaways by 20.1% during the 3rd quarter. Hosking Partners LLP now owns 964,530 shares of the transportation company’s stock valued at $43,404,000 after buying an additional 161,643 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in International Seaways by 57.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock valued at $18,367,000 after buying an additional 147,740 shares during the last quarter. 67.29% of the stock is owned by institutional investors.

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 trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.