International Seaways (NYSE:INSW) Announces Earnings Results

International Seaways (NYSE:INSW) released its quarterly earnings data on Thursday. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15, Briefing.com reports. The business had revenue of $225.20 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $1.99 EPS.

International Seaways Stock Performance

Shares of NYSE:INSW traded down $0.95 during mid-day trading on Friday, reaching $42.93. 380,303 shares of the company traded hands, compared to its average volume of 577,708. The company’s 50 day moving average price is $49.18 and its 200-day moving average price is $54.37. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.89 and a quick ratio of 3.87. The firm has a market cap of $2.13 billion, a PE ratio of 4.18 and a beta of -0.06. International Seaways has a 52 week low of $42.08 and a 52 week high of $65.94.

International Seaways Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 12.30%. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, December 13th. International Seaways’s dividend payout ratio (DPR) is presently 4.57%.

Analyst Ratings Changes

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

Insider Transactions at International Seaways

In other news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $51.19, for a total transaction of $51,190.00. Following the completion of the transaction, the senior vice president now directly owns 53,803 shares in the company, valued at approximately $2,754,175.57. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $49.17, for a total value of $245,850.00. Following the transaction, the director now directly owns 16,109 shares of the company’s stock, valued at approximately $792,079.53. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $51.19, for a total transaction of $51,190.00. Following the sale, the senior vice president now directly owns 53,803 shares of the company’s stock, valued at approximately $2,754,175.57. 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 90 days. Company insiders own 1.90% of the company’s stock.

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.