International Seaways, Inc. (NYSE:INSW) to Issue Dividend Increase – $1.75 Per Share

International Seaways, Inc. (NYSE:INSW) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Wednesday, June 12th will be given a dividend of 1.75 per share by the transportation company on Wednesday, June 26th. This represents a $7.00 annualized dividend and a dividend yield of 11.31%. The ex-dividend date of this dividend is Wednesday, June 12th. This is an increase from International Seaways’s previous quarterly dividend of $1.20.

International Seaways has increased its dividend payment by an average of 26.0% per year over the last three years. International Seaways has a dividend payout ratio of 5.7% meaning its dividend is sufficiently covered by earnings. Analysts expect International Seaways to earn $8.13 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 5.9%.

International Seaways Stock Performance

INSW traded up $0.62 during trading on Thursday, hitting $61.91. The stock had a trading volume of 830,737 shares, compared to its average volume of 556,337. The firm has a market cap of $3.03 billion, a PE ratio of 5.55 and a beta of -0.05. International Seaways has a 12 month low of $34.77 and a 12 month high of $62.62. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.35. The company has a 50 day simple moving average of $53.52 and a 200-day simple moving average of $50.41.

International Seaways (NYSE:INSW) last posted its quarterly earnings data on Wednesday, May 8th. The transportation company reported $2.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.54. The company 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.30 EPS. Analysts expect that International Seaways will post 9.33 EPS for the current year.

Insiders Place Their Bets

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $54.87, for a total value of $54,870.00. Following the completion of the transaction, the chief financial officer now owns 76,849 shares of the company’s stock, valued at $4,216,704.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $54.87, for a total transaction of $54,870.00. Following the transaction, the chief financial officer now directly owns 76,849 shares in the company, valued at $4,216,704.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lois K. Zabrocky sold 13,760 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total transaction of $727,491.20. Following the transaction, the chief executive officer now owns 148,942 shares in the company, valued at $7,874,563.54. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,846 shares of company stock valued at $3,074,618. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.