International Seaways (NYSE:INSW) Posts Quarterly Earnings Results, Beats Estimates By $0.15 EPS

International Seaways (NYSE:INSW) released its quarterly earnings results on Thursday. The transportation company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.15, Briefing.com reports. The company had revenue of $225.20 million during the quarter, compared to analysts’ expectations of $208.75 million. International Seaways had a net margin of 50.70% and a return on equity of 26.55%. The business’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.99 earnings per share.

International Seaways Trading Down 1.5 %

International Seaways stock traded down $0.68 during mid-day trading on Friday, hitting $43.20. 405,591 shares of the stock were exchanged, compared to its average volume of 577,825. The company has a quick ratio of 3.87, a current ratio of 3.89 and a debt-to-equity ratio of 0.35. International Seaways has a 12 month low of $42.08 and a 12 month high of $65.94. The firm’s fifty day simple moving average is $49.18 and its two-hundred day simple moving average is $54.37. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 4.18 and a beta of -0.06.

International Seaways Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a yield of 12.22%. International Seaways’s dividend payout ratio (DPR) is currently 4.57%.

Analyst Ratings Changes

INSW has been the subject of several recent research reports. StockNews.com cut shares of International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and reduced their target price for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group restated a “buy” rating and set a $66.00 target price on shares of International Seaways in a report on Thursday. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $62.67.

Insiders Place Their Bets

In other news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $43.05, for a total value of $43,050.00. Following the completion of the sale, the senior vice president now owns 51,803 shares in the company, valued at $2,230,119.15. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, SVP William F. Nugent sold 1,000 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $43.05, for a total transaction of $43,050.00. Following the completion of the transaction, the senior vice president now directly owns 51,803 shares in the company, valued at $2,230,119.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $49.40, for a total value of $98,800.00. Following the completion of the transaction, the chief executive officer now owns 157,475 shares of the company’s stock, valued at $7,779,265. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,000 shares of company stock worth $738,920. 1.90% of the stock is currently owned by 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.