Zacks Investment Research downgraded shares of International Seaways Inc. (NYSE:INSW) from a hold rating to a sell rating in a research note published on Wednesday, July 12th.
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. “
Separately, J P Morgan Chase & Co started coverage on International Seaways in a research note on Tuesday, June 13th. They issued an overweight rating and a $30.00 price objective for the company.
Shares of International Seaways (NYSE INSW) opened at 22.02 on Wednesday. The stock’s market capitalization is $643.18 million. International Seaways has a 12 month low of $9.00 and a 12 month high of $23.43. The company’s 50 day moving average price is $21.90 and its 200 day moving average price is $19.77.
International Seaways (NYSE:INSW) last released its quarterly earnings data on Wednesday, May 10th. The transportation company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.63 by $0.01. The company had revenue of $84.10 million during the quarter, compared to analysts’ expectations of $85 million. The firm’s quarterly revenue was down 32.6% compared to the same quarter last year. Equities analysts anticipate that International Seaways will post $1.22 earnings per share for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in INSW. Russell Investments Group Ltd. increased its position in International Seaways by 25.3% in the second quarter. Russell Investments Group Ltd. now owns 436,665 shares of the transportation company’s stock valued at $9,463,000 after buying an additional 88,302 shares during the last quarter. Bank of New York Mellon Corp increased its position in International Seaways by 74.4% in the second quarter. Bank of New York Mellon Corp now owns 132,538 shares of the transportation company’s stock valued at $2,871,000 after buying an additional 56,562 shares during the last quarter. Marshall Wace North America L.P. purchased a new position in International Seaways during the second quarter valued at $1,853,000. Schwab Charles Investment Management Inc. increased its position in International Seaways by 85.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 54,098 shares of the transportation company’s stock valued at $1,173,000 after buying an additional 25,000 shares during the last quarter. Finally, Rhumbline Advisers increased its position in International Seaways by 105.2% in the second quarter. Rhumbline Advisers now owns 33,878 shares of the transportation company’s stock valued at $734,000 after buying an additional 17,369 shares during the last quarter. 85.67% of the stock is owned by hedge funds and other institutional investors.
About International Seaways
International Seaways, Inc and its subsidiaries own and operate a fleet of oceangoing vessels. The Company’s oceangoing vessels engage in the transportation of crude oil and petroleum products in the International Flag trades. The Company’s segments are International Crude Tankers and International Product Carriers.
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