International Seaways (NYSE:INSW) Announces Quarterly Earnings Results, Beats Estimates By $0.24 EPS

International Seaways (NYSE:INSW) announced its quarterly earnings data on Thursday. The transportation company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.24, Zacks reports. International Seaways had a return on equity of 11.35% and a net margin of 29.88%.The firm had revenue of $196.39 million during the quarter, compared to the consensus estimate of $180.92 million. During the same period in the prior year, the business earned $1.57 EPS. The business’s revenue for the quarter was down 12.8% on a year-over-year basis.

International Seaways Stock Up 1.7%

NYSE:INSW traded up $0.87 during mid-day trading on Friday, reaching $53.24. The stock had a trading volume of 593,337 shares, compared to its average volume of 698,801. The stock has a market cap of $2.63 billion, a P/E ratio of 11.07 and a beta of -0.02. The business’s 50 day moving average is $47.29 and its 200 day moving average is $41.97. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. International Seaways has a fifty-two week low of $27.20 and a fifty-two week high of $53.90.

International Seaways Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 23rd. Investors of record on Tuesday, December 9th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, December 9th. This represents a $0.48 annualized dividend and a dividend yield of 0.9%. International Seaways’s payout ratio is presently 9.98%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on INSW. BTIG Research dropped their target price on International Seaways from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of International Seaways in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, International Seaways has a consensus rating of “Moderate Buy” and a consensus price target of $52.67.

Insider Buying and Selling at International Seaways

In other news, SVP Derek G. Solon sold 3,000 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $41.35, for a total transaction of $124,050.00. Following the transaction, the senior vice president owned 52,893 shares in the company, valued at approximately $2,187,125.55. This trade represents a 5.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $44.00, for a total transaction of $44,000.00. Following the completion of the sale, the chief financial officer directly owned 67,695 shares of the company’s stock, valued at approximately $2,978,580. The trade was a 1.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,000 shares of company stock valued at $737,320 over the last three months. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On International Seaways

Several institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its position in International Seaways by 601.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,508 shares of the transportation company’s stock worth $55,000 after purchasing an additional 1,293 shares during the period. NewEdge Advisors LLC raised its stake in shares of International Seaways by 240.1% in the 2nd quarter. NewEdge Advisors LLC now owns 2,010 shares of the transportation company’s stock valued at $73,000 after buying an additional 1,419 shares in the last quarter. State of Wyoming bought a new position in shares of International Seaways during the 2nd quarter worth about $87,000. BNP Paribas Financial Markets boosted its position in shares of International Seaways by 25.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,186 shares of the transportation company’s stock valued at $153,000 after acquiring an additional 860 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in International Seaways by 502.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,487 shares of the transportation company’s stock valued at $200,000 after acquiring an additional 4,576 shares during the period. 67.29% of the stock is currently owned by institutional investors.

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.