Long Position on INSW @ $47.70 on 10/26/2023 (Momentum)

International Seaways, Inc. (INSW) owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. 

It operates in two segments: Crude Tankers and Product Carriers.

It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities. The company was formerly known as OSG International, Inc. and changed its name to International Seaways, Inc. in October 2016. 

Shares have formed a bullish "cup and handle" as oil prices move higher. On August 9th, INSW reported earnings of $3.12 per share on revenue of $292.20 million for the second quarter ended June 2023. The consensus earnings estimate was $2.70 per share on revenue of $253.36 million.  The next report is due November 7th.

Entry Point: $47.00

Stop Loss: $44.50

Trading Range: $33.04 to $53.25

Target Price: $51.70

Position closed on 11/27/2023 at price of $47.50 with a -0.42% loss in 32 days.

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