International Seaways (INSW) Misses on Spot Weakness But Forward Bookings Look Solid, Stifel Reiterates Buy
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Stifel analyst Benjamin Nolan reiterated a Buy rating and $25.00 price target on International Seaways (NYSE: INSW) after the company announced earnings that came in weaker than we expected on lower spot bookings.
The analyst stated "forward bookings were decent and generally in line with our expectations with almost all the quarter already booked. The company also announced that it entered into a newbuild contract to build three LNG powered VLCCs that will be contracted for 7 years to Shell. The company continues to be conservatively financed which enables them to invest opportune investments in the shipping downmarket. With the shares trading at 65% of NAV, we view the shares as offering significant potential upside, although timing will rely on at least an inkling of a tanker market recovery which relies on oil market demand recovering to pre-COVID-19 levels."
Shares of International Seaways closed at $19.54 yesterday.
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