B.Riley FBR analyst Liam Burke maintained a Hold rating on International Seaways Inc (INSW) yesterday and set a price target of $21.50. The company’s shares opened today at $18.66.
Burke commented:
“The management of International Seaways hosted an analyst day on December 12. We believe International’s diversified fleet is well positioned to capture the benefits of healthy crude and distillate end markets. The company’s efforts to develop a more efficient fleet in a capital efficient manner is paying dividends in a rising rate environment. International is not only benefiting from a favorable macro environment that is reflected in strong time charter equivalent (TCE) daily rates but also from its participation in commercial pools that increase vessel utilization rates and improve service levels. The company’s 50% joint venture provides a underlying stability to more volatile spot rates. We maintain our Neutral rating and $21.50 PT.”
According to TipRanks.com, Burke is ranked #4382 out of 5108 analysts.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for International Seaways Inc with a $26.13 average price target.
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Based on International Seaways Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $47.79 million. In comparison, last year the company had a GAAP net loss of $21.82 million.
Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is negative on the stock.
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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.
