International Seaways, Inc. (NYSE:INSW) Declares Quarterly Dividend of $1.75

International Seaways, Inc. (NYSE:INSW) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Wednesday, June 12th will be paid 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 an increase from International Seaways’s previous quarterly dividend of $1.20.

International Seaways has increased its dividend by an average of 26.0% per year over the last three years. International Seaways has a payout ratio of 5.7% meaning its dividend is sufficiently covered by earnings. Equities research 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 NYSE INSW traded up $0.79 during midday trading on Thursday, reaching $62.08. 703,172 shares of the company traded hands, compared to its average volume of 555,325. The stock’s 50-day simple moving average is $53.52 and its 200-day simple moving average is $50.41. 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 12 month low of $34.77 and a 12 month high of $62.62. The firm has a market cap of $3.04 billion, a PE ratio of 5.55 and a beta of -0.05.

International Seaways (NYSE:INSW) last announced its earnings results on Wednesday, May 8th. The transportation company reported $2.92 EPS for the quarter, topping the consensus estimate of $2.38 by $0.54. The business had revenue of $274.40 million for the quarter, compared to the consensus estimate of $249.12 million. International Seaways had a return on equity of 32.03% and a net margin of 51.92%. International Seaways’s revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the business earned $3.30 EPS. As a group, equities analysts anticipate that International Seaways will post 9.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $53.09, for a total value of $53,090.00. Following the transaction, the chief financial officer now owns 82,161 shares in the company, valued at approximately $4,361,927.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $53.09, for a total value of $53,090.00. Following the completion of the sale, the chief financial officer now owns 82,161 shares in the company, valued at approximately $4,361,927.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $318,540.00. Following the transaction, the director now owns 19,098 shares in the company, valued at approximately $1,013,912.82. 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 over the last 90 days. 2.00% of the stock is currently owned by insiders.

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.