International Seaways, Inc. (NYSE:INSW) Plans Dividend Increase – $1.32 Per Share

International Seaways, Inc. (NYSE:INSW) declared a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Investors of record on Friday, December 13th will be paid a dividend of 1.32 per share by the transportation company on Friday, December 27th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 12.12%. The ex-dividend date is Friday, December 13th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12.

International Seaways has raised its dividend payment by an average of 26.0% annually over the last three years. International Seaways has a payout ratio of 5.9% meaning its dividend is sufficiently covered by earnings. Analysts expect International Seaways to earn $8.06 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 6.0%.

International Seaways Price Performance

INSW traded down $0.32 during midday trading on Friday, hitting $43.56. The stock had a trading volume of 37,605 shares, compared to its average volume of 576,129. The company has a market cap of $2.16 billion, a P/E ratio of 4.18 and a beta of -0.06. International Seaways has a 1 year low of $42.08 and a 1 year high of $65.94. The business has a fifty day moving average of $49.18 and a 200 day moving average of $54.37. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.87 and a current ratio of 3.89.

International Seaways (NYSE:INSW) last released its earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.42 by $0.15. The company had revenue of $225.20 million for the quarter, compared to analyst estimates of $208.75 million. International Seaways had a net margin of 50.70% and a return on equity of 26.55%. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.99 EPS. As a group, equities analysts forecast that International Seaways will post 8.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $43.05, for a total transaction of $43,050.00. Following the sale, the senior vice president now directly owns 51,803 shares in the company, valued at $2,230,119.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $43.05, for a total transaction of $43,050.00. Following the completion of the transaction, the senior vice president now owns 51,803 shares of the company’s stock, valued at $2,230,119.15. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $49.22, for a total transaction of $98,440.00. Following the completion of the transaction, the chief executive officer now owns 153,475 shares in the company, valued at approximately $7,554,039.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,000 shares of company stock valued at $738,920 over the last three months. Corporate insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

INSW has been the topic of a number of recent analyst reports. Stifel Nicolaus lowered shares of International Seaways from a “buy” rating to a “hold” rating and cut their price target for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $66.00 target price on shares of International Seaways in a research note on Thursday. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Finally, StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $62.67.

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.