International Seaways (NYSE:INSW) Issues Quarterly Earnings Results

International Seaways (NYSE:INSW) announced its quarterly earnings results on Thursday. The transportation company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.15, Briefing.com reports. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a return on equity of 26.55% and a net margin of 50.70%. The company’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.99 earnings per share.

International Seaways Trading Down 1.5 %

INSW traded down $0.68 during trading on Friday, hitting $43.20. The company’s stock had a trading volume of 405,591 shares, compared to its average volume of 577,825. The firm’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 stock has a market cap of $2.15 billion, a PE ratio of 4.18 and a beta of -0.06. International Seaways has a twelve month low of $42.08 and a twelve month high of $65.94.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $1.32 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a yield of 12.22%. International Seaways’s payout ratio is 4.57%.

Insider Buying and Selling at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $49.40, for a total transaction of $98,800.00. Following the completion of the sale, the chief executive officer now directly owns 157,475 shares in the company, valued at $7,779,265. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $49.40, for a total value of $98,800.00. Following the completion of the transaction, the chief executive officer now directly owns 157,475 shares of the company’s stock, valued at $7,779,265. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.17, for a total transaction of $245,850.00. Following the transaction, the director now directly owns 16,109 shares in the company, valued at $792,079.53. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 15,000 shares of company stock worth $738,920. Insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on INSW. Stifel Nicolaus lowered International Seaways from a “buy” rating to a “hold” rating and lowered their price objective for the company from $69.00 to $56.00 in a research note on Wednesday, October 23rd. StockNews.com cut International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $66.00 price target on shares of International Seaways in a report on Thursday. Finally, Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Two analysts have rated the stock with a hold rating, two have issued 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 a consensus rating of “Moderate Buy” and a consensus target price of $62.67.

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.