International Seaways (NYSE:INSW) Announces Earnings Results

International Seaways (NYSE:INSW) released its earnings results on Wednesday. The transportation company reported $2.92 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.54, Briefing.com reports. 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 the consensus estimate of $249.12 million. During the same quarter last year, the company earned $3.30 earnings per share. International Seaways’s quarterly revenue was down 4.4% compared to the same quarter last year.

International Seaways Stock Up 1.0 %

NYSE:INSW traded up $0.61 during trading hours on Thursday, hitting $61.90. 1,156,614 shares of the company’s stock traded hands, compared to its average volume of 560,477. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.37 and a current ratio of 2.38. International Seaways has a twelve month low of $34.77 and a twelve month high of $62.62. The stock’s fifty day moving average price is $53.52 and its two-hundred day moving average price is $50.41. The firm has a market cap of $3.03 billion, a P/E ratio of 5.55 and a beta of -0.05.

International Seaways Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 26th. Stockholders of record on Wednesday, June 12th will be issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 11.31%. This is an increase from International Seaways’s previous quarterly dividend of $1.20. The ex-dividend date is Wednesday, June 12th. International Seaways’s dividend payout ratio is currently 4.27%.

Insiders Place Their Bets

In other news, Director Douglas D. Wheat sold 3,846 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $51.22, for a total transaction of $196,992.12. Following the transaction, the director now owns 26,056 shares of the company’s stock, valued at approximately $1,334,588.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Lois K. Zabrocky sold 13,760 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total value of $727,491.20. Following the completion of the transaction, the chief executive officer now directly owns 148,942 shares of the company’s stock, valued at approximately $7,874,563.54. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Douglas D. Wheat sold 3,846 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $51.22, for a total value of $196,992.12. Following the sale, the director now directly owns 26,056 shares of the company’s stock, valued at $1,334,588.32. The disclosure for this sale can be found here. Insiders have sold a total of 58,846 shares of company stock valued at $3,074,618 in the last three months. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on INSW. Deutsche Bank Aktiengesellschaft raised their price target on International Seaways from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday. Jefferies Financial Group restated a “buy” rating and issued a $66.00 price target on shares of International Seaways in a research report on Thursday, February 29th. Stifel Nicolaus lifted their price objective on International Seaways from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, StockNews.com cut International Seaways from a “buy” rating to a “hold” rating in a research report on Saturday, April 27th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.25.

About International Seaways

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.