International Seaways (NYSE:INSW) Posts Earnings Results

International Seaways (NYSE:INSW) posted its earnings results on Wednesday. The transportation company reported $2.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.13), Briefing.com reports. International Seaways had a return on equity of 29.74% and a net margin of 49.88%. The firm had revenue of $257.40 million for the quarter, compared to analysts’ expectations of $256.13 million. During the same quarter last year, the company posted $3.12 EPS. The firm’s revenue was down 11.9% on a year-over-year basis.

International Seaways Stock Down 0.5 %

Shares of INSW traded down $0.23 during mid-day trading on Friday, reaching $49.12. The company had a trading volume of 638,734 shares, compared to its average volume of 567,017. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.72 and a current ratio of 2.73. The firm has a 50-day moving average price of $57.21 and a 200 day moving average price of $55.78. International Seaways has a 52 week low of $40.11 and a 52 week high of $65.94. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 4.59 and a beta of -0.06.

International Seaways Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.98%. International Seaways’s dividend payout ratio is currently 4.49%.

Insider Transactions at International Seaways

In related news, SVP Derek G. Solon sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $64.90, for a total value of $64,900.00. Following the transaction, the senior vice president now directly owns 47,887 shares of the company’s stock, valued at approximately $3,107,866.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO James D. Small III sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $55.20, for a total value of $414,000.00. Following the transaction, the chief accounting officer now directly owns 55,138 shares of the company’s stock, valued at approximately $3,043,617.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Derek G. Solon sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $64.90, for a total value of $64,900.00. Following the completion of the transaction, the senior vice president now directly owns 47,887 shares in the company, valued at $3,107,866.30. The disclosure for this sale can be found here. Insiders have sold a total of 58,167 shares of company stock valued at $3,554,176 in the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

INSW has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. StockNews.com downgraded International Seaways from a “buy” rating to a “hold” rating in a report on Thursday. Jefferies Financial Group reiterated a “buy” rating and set a $66.00 target price on shares of International Seaways in a report on Wednesday. Finally, Stifel Nicolaus boosted their price target on International Seaways from $68.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.75.

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.