International Seaways, Inc. (NYSE:INSW) Declares Dividend Increase – $1.32 Per Share

International Seaways, Inc. (NYSE:INSW) declared a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Investors of record on Friday, December 13th will be paid a dividend of 1.32 per share by the transportation company on Friday, December 27th. This represents a $5.28 dividend on an annualized basis and a yield of 12.12%. The ex-dividend date is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12.

International Seaways has raised its dividend by an average of 26.0% annually over the last three years. International Seaways has a payout ratio of 5.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect International Seaways to earn $8.06 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 6.0%.

International Seaways Stock Performance

NYSE INSW traded down $0.32 on Friday, reaching $43.56. 37,605 shares of the stock were exchanged, compared to its average volume of 576,129. The company has a current ratio of 3.89, a quick ratio of 3.87 and a debt-to-equity ratio of 0.35. International Seaways has a one year low of $42.08 and a one year high of $65.94. The company’s 50-day simple moving average is $49.18 and its two-hundred day simple moving average is $54.37. The firm has a market capitalization of $2.16 billion, a PE ratio of 4.18 and a beta of -0.06.

International Seaways (NYSE:INSW) last released its earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.42 by $0.15. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a net margin of 50.70% and a return on equity of 26.55%. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.99 earnings per share. Analysts expect that International Seaways will post 8.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on INSW. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com cut International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Stifel Nicolaus lowered International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group restated a “buy” rating and issued a $66.00 target price on shares of International Seaways in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $62.67.

Insider Activity

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $51.19, for a total value of $51,190.00. Following the completion of the sale, the senior vice president now directly owns 53,803 shares in the company, valued at $2,754,175.57. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $49.40, for a total transaction of $98,800.00. Following the completion of the sale, the chief executive officer now owns 157,475 shares of the company’s stock, valued at $7,779,265. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction on Friday, August 30th. The stock was sold at an average price of $51.19, for a total transaction of $51,190.00. Following the completion of the transaction, the senior vice president now directly owns 53,803 shares in the company, valued at $2,754,175.57. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,000 shares of company stock valued at $738,920. Corporate insiders own 1.90% of the company’s stock.

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.