International Seaways (NYSE:INSW) Posts Earnings Results

International Seaways (NYSE:INSW) released its earnings results on Wednesday. The transportation company reported $2.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.54, Briefing.com reports. The firm had revenue of $274.40 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business earned $3.30 earnings per share.

International Seaways Price Performance

Shares of INSW traded up $0.61 during mid-day trading on Thursday, reaching $61.90. The stock had a trading volume of 1,156,614 shares, compared to its average volume of 557,291. The business has a fifty day moving average of $53.52 and a 200 day moving average of $50.41. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.37 and a current ratio of 2.38. The firm has a market cap of $3.03 billion, a price-to-earnings 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.

International Seaways Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 26th. Shareholders of record on Wednesday, June 12th will be issued a dividend of $1.75 per share. The ex-dividend date is Wednesday, June 12th. This represents a $7.00 annualized dividend and a yield of 11.31%. This is an increase from International Seaways’s previous quarterly dividend of $1.20. International Seaways’s payout ratio is currently 4.27%.

Analyst Ratings Changes

INSW has been the subject of a number of recent research reports. Stifel Nicolaus lifted 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. Jefferies Financial Group reiterated a “buy” rating and issued a $66.00 price target on shares of International Seaways in a research note on Thursday, February 29th. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Saturday, April 27th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of International Seaways from $62.00 to $66.00 and gave the company a “buy” rating in a report on Thursday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, International Seaways has an average rating of “Moderate Buy” and an average price target of $63.25.

Insider Activity at International Seaways

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $54.87, for a total transaction of $54,870.00. Following the sale, the chief financial officer now directly owns 76,849 shares of the company’s stock, valued at $4,216,704.63. 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 16,240 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.02, for a total transaction of $844,804.80. Following the completion of the transaction, the chief executive officer now owns 136,260 shares in the company, valued at approximately $7,088,245.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $54.87, for a total value of $54,870.00. Following the sale, the chief financial officer now directly owns 76,849 shares in the company, valued at $4,216,704.63. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,846 shares of company stock worth $3,074,618. 2.00% of the stock is owned by corporate insiders.

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.