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Trade Update: Intl Seaways

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International Seaways (INSW) Q1 results update:

MCap: $3B, Share price: $61.42

INSW reported revenue of $274.4M and net income of $144.5M , for a diluted EPS of $2.92. The company declared a dividend of $1.75 per share, to be paid next month. This brings the dividend yield to 9.35%.

Across the board, tanker companies have reported good results and the share price is responding. We're up 21% on this trade including the March dividend.

Shipping is a notoriously cyclical business, and crude oil is consolidating while refinery stocks are trending sideways to lower. Crude is unable to catch a bid even though the Biden admin is attempting to refill the SPR. Gasoline and heating oil appear to be headed lower. Saudi is cancelling jackup rig contracts.

I'm long-term bullish on everything related to energy but now is not the time to be adding to this trade.

TA-wise, that's a band squeeze breakout. My favorite setup. Set a stop at $56.2, which is slightly below the doji on 5/7, and ride this uptrend.

Good Trading!


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