International Seaways, Inc. (INSW) to Issue Quarterly Dividend of $1.75 on June 26th

International Seaways, Inc. (NYSE:INSW) declared a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 11.31%. The ex-dividend date is Wednesday, June 12th. This is a positive change from International Seaways’s previous quarterly dividend of $1.20.

International Seaways has increased its dividend by an average of 26.0% annually over the last three years. International Seaways has a payout ratio of 5.7% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

NYSE INSW traded up $0.61 on Thursday, hitting $61.90. 1,156,618 shares of the company were exchanged, compared to its average volume of 560,477. The firm has a 50 day moving average of $53.52 and a two-hundred day moving average of $50.41. The company has a market cap of $3.03 billion, a P/E ratio of 5.55 and a beta of -0.05. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.35. International Seaways has a 1-year low of $34.77 and a 1-year high of $62.62.

International Seaways (NYSE:INSW) last announced its earnings results on Wednesday, May 8th. The transportation company reported $2.92 EPS for the quarter, topping the consensus estimate of $2.38 by $0.54. International Seaways had a net margin of 51.92% and a return on equity of 32.03%. The firm had revenue of $274.40 million for the quarter, compared to the consensus estimate of $249.12 million. During the same period last year, the company posted $3.30 EPS. The business’s quarterly revenue was down 4.4% on a year-over-year basis. On average, equities analysts predict that International Seaways will post 9.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on INSW. StockNews.com cut shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Saturday, April 27th. Stifel Nicolaus boosted their price target on International Seaways from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday. Jefferies Financial Group reissued a “buy” rating and set a $66.00 target price on shares of International Seaways in a research note on Thursday, February 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on 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 given a buy rating to the company’s stock. According to MarketBeat.com, International Seaways presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.25.

Insiders Place Their Bets

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred on 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 owns 76,849 shares of the company’s stock, valued at approximately $4,216,704.63. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred 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 directly owns 76,849 shares in the company, valued at approximately $4,216,704.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lois K. Zabrocky sold 13,760 shares of International Seaways stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $52.87, for a total transaction of $727,491.20. Following the completion of the transaction, 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 have sold a total of 58,846 shares of company stock valued at $3,074,618 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

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.