Analysts may have been expecting more from International Seaways’ record-breaking third quarter, but the company’s third-quarter earnings per share miss is not tempering their expectations.
On Wednesday, BTIG’s Gregory Lewis bumped his price target for the New York tanker giant to $50 from $30, while Liam Burke of B Riley raised his to $60 from $50.
“Bottom line: based on Q4 bookings and the ongoing strength in crude and product tanker spot rates, we expect INSW to generate roughly $170M ($3-4/share) in operating cash flow in Q4” up nearly $30m from the third quarter, Lewis said.
