International Seaways, Inc. (NYSE:INSW) Raises Dividend to $1.75 Per Share

International Seaways, Inc. (NYSE:INSW) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Wednesday, June 12th will be given a dividend of 1.75 per share by the transportation company on Wednesday, June 26th. This represents a $7.00 annualized dividend and a yield of 11.28%. The ex-dividend date of this dividend is Wednesday, June 12th. This is a boost from International Seaways’s previous quarterly dividend of $1.20.

International Seaways has increased its dividend by an average of 26.0% annually over the last three years. International Seaways has a dividend payout ratio of 5.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect International Seaways to earn $8.13 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 5.9%.

International Seaways Price Performance

Shares of International Seaways stock traded up $0.79 during trading hours on Thursday, reaching $62.08. The stock had a trading volume of 703,172 shares, compared to its average volume of 555,325. The stock’s 50 day moving average is $53.52 and its 200 day moving average is $50.41. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.35. International Seaways has a twelve month low of $34.77 and a twelve month high of $62.62. The firm has a market capitalization of $3.04 billion, a PE ratio of 5.55 and a beta of -0.05.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Wednesday, May 8th. The transportation company reported $2.92 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.54. International Seaways had a return on equity of 32.03% and a net margin of 51.92%. The company had revenue of $274.40 million during the quarter, compared to analysts’ expectations of $249.12 million. During the same quarter in the prior year, the firm posted $3.30 EPS. International Seaways’s quarterly revenue was down 4.4% compared to the same quarter last year. Equities analysts expect that International Seaways will post 9.33 earnings per share for the current fiscal year.

Insider Transactions at International Seaways

In related news, Director Alexandra Kate Blankenship sold 6,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $53.09, for a total value of $318,540.00. Following the completion of the transaction, the director now directly owns 19,098 shares in the company, valued at $1,013,912.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Alexandra Kate Blankenship sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $53.09, for a total value of $318,540.00. Following the sale, the director now directly owns 19,098 shares of the company’s stock, valued at approximately $1,013,912.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lois K. Zabrocky sold 13,760 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $52.87, for a total value of $727,491.20. Following the completion of the sale, the chief executive officer now directly owns 148,942 shares in the company, valued at approximately $7,874,563.54. The disclosure for this sale can be found here. Insiders sold 58,846 shares of company stock worth $3,074,618 in the last 90 days. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on INSW shares. StockNews.com lowered shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Saturday, April 27th. Stifel Nicolaus boosted their price target on International Seaways from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday. Jefferies Financial Group restated a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a report on Thursday, February 29th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $63.25.

International Seaways Company Profile

International Seaways, Inc 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. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.