International Seaways (NYSE:INSW) Announces Earnings Results

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

International Seaways Stock Performance

Shares of NYSE INSW traded up $0.61 during midday trading on Thursday, hitting $61.90. 1,156,620 shares of the stock traded hands, compared to its average volume of 560,477. The firm has a market capitalization of $3.03 billion, a P/E ratio of 5.55 and a beta of -0.05. International Seaways has a one year low of $34.77 and a one year high of $62.62. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.37 and a current ratio of 2.38. The firm has a 50-day moving average of $53.52 and a two-hundred day moving average of $50.41.

International Seaways Increases Dividend

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

Analyst Ratings Changes

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

Insider Buying and Selling

In other 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 transaction of $53,090.00. Following the completion of the sale, the chief financial officer now owns 82,161 shares of the company’s stock, valued at approximately $4,361,927.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction on Friday, March 1st. The shares were sold at an average price of $53.09, for a total transaction 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 13,760 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total value of $727,491.20. Following the completion of the sale, the chief executive officer now owns 148,942 shares of the company’s stock, valued at $7,874,563.54. The disclosure for this sale can be found here. Insiders sold 58,846 shares of company stock valued at $3,074,618 over the last 90 days. Company insiders own 2.00% 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.