Yes it is, and if you receive in their half you would be offside unless it was deemed another phase of play.
But if you are in your own half when you receive it then you are onside, regardless of where you were when it was played.
If you are stood in an offside position (opposition half obviously) and the ball is played in your direction, if you can somehow get back into your half before actually receiving the ball, then you are onside.
The original offside position is nullified.
You cannot be offside if you receive a...
That means under NO circumstances.
If you have tracked back from an offside position, then crossing the half way line automatically puts you in an onside position.