In a report released today, Liam Burke from B.Riley FBR reiterated a Hold rating on International Seaways Inc (INSW), with a price target of $21.50. The company’s shares opened today at $19.05.
Burke commented:
“International Seaways, Inc. (INSW) announced 4Q18 results with a 42.9% Y/Y increase in daily time charter equivalents (TCE) revenue. The company reported adjusted EPS of $0.32 compared to $0.14 consensus and a loss per share of $0.33 a year ago. Adjusted EBITDA during 4Q18 increased by 100% Y/Y . TCE for crude tankers during 4Q18 increased 70.1% Y/Y on stronger spot markets for Aframax vessels while product tanker TCE declined 6.5% Y/ Y on fewer revenue days in the MR vessel category that offset higher LR1 and MR spot rates. The company reported that 1Q19 bookings to date have been higher than average TCE rates for 4Q18. Seaways reported an 11.6% Y/Y decline in TCE revenue with adjusted EBITDA for 2018 declining 42.0% Y/Y .”
According to TipRanks.com, Burke is ranked #4309 out of 5236 analysts.
International Seaways Inc has an analyst consensus of Hold, with a price target consensus of $21.50.
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Based on International Seaways Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $6.96 million. In comparison, last year the company had a GAAP net loss of $90.72 million.
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International Seaways, Inc. engages in the transportation of crude oil and petroleum products. It operates through the following segments: Crude Tankers, Product Carriers, and Other. The Crude Tankers segment focuses on unrefined petroleum.
