International Seaways (NYSE:INSW) Posts Earnings Results

International Seaways (NYSE:INSW) released its earnings results on Wednesday. The transportation company reported $2.92 EPS for the quarter, beating the consensus estimate of $2.38 by $0.54, Briefing.com reports. The firm had revenue of $274.40 million during the quarter, compared to analyst estimates of $249.12 million. International Seaways had a return on equity of 32.03% and a net margin of 51.92%. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.30 earnings per share.

International Seaways Trading Up 1.0 %

NYSE INSW traded up $0.61 on Thursday, hitting $61.90. 1,156,614 shares of the stock were exchanged, compared to its average volume of 560,477. The company’s 50-day moving average price is $53.52 and its two-hundred day moving average price is $50.41. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of 5.55 and a beta of -0.05. International Seaways has a 52-week low of $34.77 and a 52-week high of $62.62. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.38 and a quick ratio of 2.37.

International Seaways Increases Dividend

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

Analyst Ratings Changes

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

Insider Transactions at International Seaways

In related news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated Friday, March 1st. The stock was 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 directly owns 82,161 shares of the company’s stock, valued at approximately $4,361,927.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other International Seaways 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 transaction of $727,491.20. Following the transaction, the chief executive officer now owns 148,942 shares in the company, valued at $7,874,563.54. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders sold a total of 58,846 shares of company stock valued at $3,074,618 over the last quarter. Company insiders own 2.00% of the company’s stock.

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.