International Seaways (NYSE:INSW) Posts Quarterly Earnings Results, Beats Estimates By $0.54 EPS

International Seaways (NYSE:INSW) posted its quarterly earnings results on Wednesday. The transportation company reported $2.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.54, Briefing.com reports. International Seaways had a return on equity of 32.03% and a net margin of 51.92%. The business had revenue of $274.40 million for the quarter, compared to analysts’ expectations of $249.12 million. During the same quarter in the prior year, the business earned $3.30 EPS. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis.

International Seaways Trading Up 1.0 %

Shares of INSW stock traded up $0.61 during mid-day trading on Thursday, reaching $61.90. 1,156,620 shares of the stock traded hands, compared to its average volume of 560,477. The stock’s fifty day simple moving average is $53.52 and its two-hundred day simple moving average is $50.41. International Seaways has a 1-year low of $34.77 and a 1-year high of $62.62. The company has a quick ratio of 2.37, a current ratio of 2.38 and a debt-to-equity ratio of 0.35. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 5.55 and a beta of -0.05.

International Seaways Increases Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a report on Saturday, April 27th. Stifel Nicolaus boosted their price target on International Seaways from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a research note on Thursday, February 29th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, International Seaways currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.25.

Insider Activity at International Seaways

In other news, CEO Lois K. Zabrocky sold 13,760 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total value of $727,491.20. Following the completion of the sale, the chief executive officer now owns 148,942 shares of the company’s stock, valued at $7,874,563.54. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Lois K. Zabrocky sold 13,760 shares of International Seaways stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total value of $727,491.20. Following the completion of the transaction, the chief executive officer now directly owns 148,942 shares of the company’s stock, valued at approximately $7,874,563.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $54.87, for a total value of $54,870.00. Following the sale, the chief financial officer now owns 76,849 shares in the company, valued at approximately $4,216,704.63. The disclosure for this sale can be found here. Insiders sold a total of 58,846 shares of company stock worth $3,074,618 in the last quarter. 2.00% of the stock is owned by 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.