Brokers Issue Forecasts for International Seaways, Inc.’s Q1 2024 Earnings (NYSE:INSW)

International Seaways, Inc. (NYSE:INSW) – Analysts at B. Riley lowered their Q1 2024 earnings estimates for International Seaways in a research note issued on Thursday, April 11th. B. Riley analyst L. Burke now forecasts that the transportation company will post earnings of $1.88 per share for the quarter, down from their previous forecast of $1.92. The consensus estimate for International Seaways’ current full-year earnings is $9.33 per share. B. Riley also issued estimates for International Seaways’ Q2 2024 earnings at $1.68 EPS, Q3 2024 earnings at $1.58 EPS, Q4 2024 earnings at $2.47 EPS and FY2025 earnings at $8.46 EPS.

Several other research firms also recently commented on INSW. StockNews.com raised shares of International Seaways from a “hold” rating to a “buy” rating in a research note on Saturday, April 6th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $66.00 target price on shares of International Seaways in a research note on Thursday, February 29th.

International Seaways Trading Up 0.1 %

Shares of International Seaways stock opened at $52.47 on Monday. International Seaways has a 1 year low of $34.77 and a 1 year high of $55.59. The firm has a market cap of $2.57 billion, a PE ratio of 4.66 and a beta of -0.05. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.38 and a quick ratio of 2.37. The company has a 50 day simple moving average of $52.58 and a two-hundred day simple moving average of $49.25.

International Seaways (NYSE:INSW) last announced its earnings results on Thursday, February 29th. The transportation company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.10. International Seaways had a net margin of 51.92% and a return on equity of 32.03%. The business had revenue of $250.73 million during the quarter, compared to analyst estimates of $239.36 million.

International Seaways Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 9.15%. The ex-dividend date was Wednesday, March 13th. International Seaways’s dividend payout ratio (DPR) is currently 4.27%.

Insider Activity at International Seaways

In other news, CEO Lois K. Zabrocky sold 13,760 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $52.87, for a total transaction of $727,491.20. Following the sale, the chief executive officer now owns 148,942 shares in the company, valued at approximately $7,874,563.54. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Lois K. Zabrocky sold 16,240 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.02, for a total value of $844,804.80. Following the transaction, the chief executive officer now owns 136,260 shares in the company, valued at approximately $7,088,245.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Lois K. Zabrocky sold 13,760 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total transaction of $727,491.20. Following the completion of the transaction, the chief executive officer now owns 148,942 shares in the company, valued at approximately $7,874,563.54. The disclosure for this sale can be found here. Insiders have sold a total of 58,846 shares of company stock worth $3,073,978 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of International Seaways

A number of large investors have recently made changes to their positions in INSW. Millennium Management LLC bought a new position in International Seaways in the second quarter valued at about $17,047,000. Two Sigma Advisers LP lifted its holdings in International Seaways by 2,140.5% in the fourth quarter. Two Sigma Advisers LP now owns 485,049 shares of the transportation company’s stock valued at $17,957,000 after acquiring an additional 463,400 shares during the period. Renaissance Technologies LLC bought a new position in International Seaways in the fourth quarter valued at about $13,907,000. Frontier Capital Management Co. LLC bought a new position in International Seaways in the first quarter valued at about $13,924,000. Finally, Donald Smith & CO. Inc. lifted its holdings in International Seaways by 24.6% in the fourth quarter. Donald Smith & CO. Inc. now owns 1,613,803 shares of the transportation company’s stock valued at $73,396,000 after acquiring an additional 318,962 shares during the period. 67.29% of the stock is currently owned by institutional investors.

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.