International Seaways (NYSE:INSW) Issues Quarterly Earnings Results

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

International Seaways Price Performance

Shares of INSW traded down $0.10 during trading hours on Friday, hitting $61.80. 183,653 shares of the company were exchanged, compared to its average volume of 556,201. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.38 and a quick ratio of 2.37. International Seaways has a one year low of $34.77 and a one year high of $62.92. The company has a market capitalization of $3.02 billion, a PE ratio of 5.50 and a beta of -0.05. The firm has a fifty day simple moving average of $53.70 and a 200-day simple moving average of $50.49.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Investors of record on Wednesday, June 12th will be issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 11.33%. This is a positive change from International Seaways’s previous quarterly dividend of $1.20. The ex-dividend date is Wednesday, June 12th. International Seaways’s dividend payout ratio is 4.27%.

Insiders Place Their Bets

In other International Seaways news, Director Alexandra Kate Blankenship sold 6,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $53.09, for a total transaction of $318,540.00. Following the transaction, the director now directly owns 19,098 shares in the company, valued at $1,013,912.82. The transaction was disclosed in a filing with the SEC, which is available through this link. In other International Seaways news, CEO Lois K. Zabrocky sold 13,760 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total value of $727,491.20. Following the transaction, the chief executive officer now owns 148,942 shares of the company’s stock, valued at $7,874,563.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Alexandra Kate Blankenship sold 6,000 shares of International Seaways stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $53.09, for a total value of $318,540.00. Following the completion of the sale, the director now directly owns 19,098 shares in the company, valued at approximately $1,013,912.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,846 shares of company stock worth $3,074,618. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

INSW has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of International Seaways from $62.00 to $66.00 and gave the company a “buy” rating in a report on Thursday. Jefferies Financial Group reissued a “buy” rating and issued a $66.00 target price on shares of International Seaways in a research report on Thursday, February 29th. Stifel Nicolaus increased their price objective on International Seaways from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday. Finally, StockNews.com upgraded International Seaways from a “hold” rating to a “buy” rating in a research note on Thursday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $63.25.

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.