International Seaways, Inc. (NYSE:INSW) Increases Dividend to $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 annualized dividend and a yield of 12.08%. 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 increased its dividend by an average of 26.0% per year 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

International Seaways stock traded down $0.18 during midday trading on Friday, hitting $43.70. The company’s stock had a trading volume of 23,822 shares, compared to its average volume of 576,066. International Seaways has a 12 month low of $42.08 and a 12 month high of $65.94. The company has a quick ratio of 3.87, a current ratio of 3.89 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $2.17 billion, a PE ratio of 4.18 and a beta of -0.06. The stock’s 50-day moving average price is $49.18 and its 200-day moving average price is $54.37.

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $43.05, for a total transaction of $43,050.00. Following the transaction, the senior vice president now owns 51,803 shares of the company’s stock, valued at $2,230,119.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $49.40, for a total value of $98,800.00. Following the transaction, the chief executive officer now owns 157,475 shares in the company, valued at $7,779,265. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $43.05, for a total value of $43,050.00. Following the completion of the transaction, the senior vice president now directly owns 51,803 shares in the company, valued at approximately $2,230,119.15. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,000 shares of company stock worth $738,920 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

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.