Zacks Investment Research cut shares of International Seaways Inc. (NYSE:INSW) from a buy rating to a hold rating in a research report released on Thursday.
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 began coverage on International Seaways in a report on Tuesday, June 13th. They issued an overweight rating and a $30.00 target price on the stock.
Shares of International Seaways (NYSE INSW) traded down 1.43% during midday trading on Thursday, reaching $20.69. The company had a trading volume of 80,089 shares. International Seaways has a 12-month low of $9.00 and a 12-month high of $23.43. The firm’s market capitalization is $604.02 million. The company has a 50 day moving average of $22.08 and a 200 day moving average of $19.93.
International Seaways (NYSE:INSW) last posted its earnings results on Wednesday, August 9th. The transportation company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by $0.55. International Seaways had a negative net margin of 31.22% and a negative return on equity of 4.56%. The firm had revenue of $71.90 million during the quarter, compared to the consensus estimate of $73 million. International Seaways’s revenue for the quarter was down 30.3% compared to the same quarter last year. Analysts anticipate that International Seaways will post $1.17 EPS for the current year.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in International Seaways by 14.2% in the second quarter. Vanguard Group Inc. now owns 1,812,662 shares of the transportation company’s stock valued at $39,280,000 after buying an additional 224,894 shares during the period. Northern Trust Corp increased its position in International Seaways by 75.9% in the second quarter. Northern Trust Corp now owns 326,540 shares of the transportation company’s stock valued at $7,077,000 after buying an additional 140,882 shares during the period. Dimensional Fund Advisors LP increased its position in International Seaways by 41.5% in the second quarter. Dimensional Fund Advisors LP now owns 353,078 shares of the transportation company’s stock valued at $7,651,000 after buying an additional 103,544 shares during the period. 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 period. Finally, Marshall Wace North America L.P. bought a new position in International Seaways during the second quarter valued at approximately $1,853,000. 86.28% of the stock is currently 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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