International Seaways revenue jumps 139% as HSBC opens $1M stake
What's the deal? HSBCDealroom has a profile for this one. Try Dealroom → Holdings bought a new stake in International SeawaysDealroom has a profile for this one. Try Dealroom → during the second quarter, acquiring 13,163 shares worth about $1,018,000, according to HoldingsChannel. The move coincides with a strong quarter for the New York-listed tanker operator, which shipped crude and refined products across global markets.
The numbers: International Seaways reported quarterly revenue of $467.29 million, up 138.9% year on year and above the $406.38 million analysts expected. Earnings came in at $5.91 per share, beating the $5.55 consensus, versus $1.02 a year earlier.
Why it matters? The company posted a net margin of 61.98% and a return on equity of 31.75%. Its shares opened at $99.73 on Wednesday, near a 52-week high of $102.36 and well above the $42.26 low, giving it a market capitalisation of $4.94 billion.
Following the money: HSBCDealroom has a profile for this one. Try Dealroom → joined a wave of institutional buying. BlackRock opened a new position valued at roughly $505.2 million in the second quarter, while Arrowstreet CapitalDealroom has a profile for this one. Try Dealroom → lifted its holdings by 167.6% in the first quarter. Institutional investors and hedge funds now own 67.29% of the stock.
What about the dividend? International Seaways sharply raised its quarterly dividend to $5.05 per share, payable September 24 to holders of record on September 10, up from $0.12 previously. That equals a $20.20 annualised payout and a 20.3% yield, though its payout ratio sits at 129.16%.
The signal: The surge in revenue and institutional interest reflects strong tanker demand, but not all analysts are convinced. Zacks ResearchDealroom has a profile for this one. Try Dealroom → cut the stock to "hold" from "strong-buy" on August 24, while BTIGDealroom has a profile for this one. Try Dealroom → raised its target to $100 with a "buy" rating in June.
Read more: americanbankingnews.com
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