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International Seaways Inc Up 5.73% To $26.86 After Earnings Beat

Tuesday, August 09, 2022 03:19 PM | InvestorsObserver Analysts
International Seaways Inc Up 5.73% To $26.86 After Earnings Beat

International Seaways Inc (INSW) surpassed earnings projections on 8/9/2022 for Q2 2022.

The consensus among analysts for International Seaways Inc was for an earnings per share (EPS) of $1.19. The firm was able to surpass those projections, reporting an EPS of $1.43, a positive surprise of $0.24 (20%). Profits rose 380% year-over-year after reporting an EPS loss of $0.51 per share in its year-ago quarter. The positive growth rate signals that the Energy company is performing well amid recent economic conditions.

Revenues were upbeat at $188.2 million. That is an increase of 306.44% in revenues from the year-ago report and is 4.36% higher than consensus estimates set at $180.3 million.

The stock is up 5.73% to $26.86 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned International Seaways Inc a Bullish Sentiment Rank from InvestorsObserver.

International Seaways Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 98, putting International Seaways Inc in the top 25% of stocks. The firm was recently trading at a 52-week high of $25.8 on August 8, 2022 and set a 52-week low on January 24, 2022 at $13.05.

International Seaways Inc owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products. The company's vessel operations are organized into two segments: Crude Tankers and Product Carriers. The fleet consists of ULCC, VLCC, Suezmax, Aframax, and Panamax crude tankers, as well as LR1, LR2, and MR product carriers.

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