International Seaways (NYSE:INSW) Price Target Raised to $108.00

International Seaways (NYSE:INSW) had its price objective upped by Jefferies Financial Group from $100.00 to $108.00 in a report released on Thursday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the transportation company’s stock.

Other analysts have also recently issued research reports about the stock. Pareto Securities cut shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Zacks Research upgraded International Seaways from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of International Seaways in a research note on Friday, August 7th. Finally, BTIG Research raised their price objective on International Seaways from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $88.00.

International Seaways Stock Up 1.9%

Shares of NYSE INSW opened at $96.91 on Thursday. The company has a market cap of $4.80 billion, a price-to-earnings ratio of 6.20 and a beta of -0.13. The company has a current ratio of 5.94, a quick ratio of 7.28 and a debt-to-equity ratio of 0.27. International Seaways has a 12 month low of $41.25 and a 12 month high of $98.23. The stock has a 50-day moving average price of $87.30 and a two-hundred day moving average price of $78.41.

International Seaways (NYSE:INSW) last posted its quarterly earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating analysts’ consensus estimates of $5.55 by $0.36. The company had revenue of $467.29 million for the quarter, compared to the consensus estimate of $406.38 million. International Seaways had a net margin of 61.98% and a return on equity of 31.75%. The firm’s quarterly revenue was up 138.9% compared to the same quarter last year. During the same period last year, the company posted $1.02 EPS. As a group, analysts forecast that International Seaways will post 15.89 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be issued a dividend of $5.05 per share. This represents a $20.20 dividend on an annualized basis and a yield of 20.8%. The ex-dividend date of this dividend is Thursday, September 10th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s payout ratio is presently 3.07%.

Insider Activity at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.34, for a total transaction of $162,680.00. Following the completion of the transaction, the chief executive officer owned 177,745 shares of the company’s stock, valued at approximately $14,457,778.30. This trade 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 is accessible through the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.68, for a total transaction of $81,680.00. Following the transaction, the chief financial officer owned 101,984 shares in the company, valued at approximately $8,330,053.12. This trade represents a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of INSW. Charles Schwab Investment Management Inc. boosted its stake in shares of International Seaways by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 638,791 shares of the transportation company’s stock valued at $31,013,000 after purchasing an additional 12,188 shares during the last quarter. Resolute Capital LLC bought a new position in International Seaways during the fourth quarter worth $1,273,000. NewEdge Wealth LLC raised its stake in International Seaways by 43.1% during the first quarter. NewEdge Wealth LLC now owns 24,942 shares of the transportation company’s stock worth $1,818,000 after buying an additional 7,511 shares during the last quarter. Cercano Management LLC bought a new position in International Seaways during the fourth quarter worth $4,137,000. Finally, Kingsview Wealth Management LLC lifted its holdings in International Seaways by 252.7% in the fourth quarter. Kingsview Wealth Management LLC now owns 64,528 shares of the transportation company’s stock valued at $3,133,000 after buying an additional 46,234 shares during the period. 67.29% of the stock is owned by 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.