BTIG analyst Gregory Lewis maintained a Buy rating on International Seaways (INSW – Research Report) today and set a price target of $55.00.
Gregory Lewis gave his Buy rating to International Seaways (INSW) due to a number of factors. Firstly, he noted management’s optimistic outlook for both product and crude tanker rates. This bullish stance is influenced by an appealing multi-year supply set up and firm oil demand. Investors’ interest was particularly piqued by the prospective strategy for INSW’s 36 MR tankers, including 18 vessels that are over 15 years old. There’s an expectation of more strategic asset sales over time, and the company’s strong balance sheet suggests a continued ability to pay healthy dividends in strong rate environments.
Lewis also emphasised the potential for inventory restocking to serve as a positive influence on tanker demand, given that OECD crude inventories are still around 7% below their five-year average. Additionally, he highlighted the strong product rates supporting MR vessel values, with current MR spot rates leading to substantial annual vessel EBITDA. He also notes the company’s significant liquidity, which positions INSW well for potential fleet growth. Lastly, he pointed out the impressive Q4 bookings reported by INSW during their recent earnings call, as well as the continued strength in rates, which have remained persistently high. These factors collectively underpin Lewis’s Buy rating for INSW.
In another report released on November 8, Deutsche Bank also maintained a Buy rating on the stock with a $57.00 price target.
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International Seaways (INSW) Company Description:
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 consists of a fleet of vessels that transport unrefined petroleum. The Product Carriers focuses on crude and refined petroleum products. The Other segment includes joint ventures from liquefied natural gas carriers. The company was founded on December 6, 1999 and is headquartered in New York, NY.
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