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

International Seaways (NYSE:INSW) issued 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 during the quarter, compared to the consensus estimate of $249.12 million. During the same period in the previous year, the business earned $3.30 EPS. The business’s quarterly revenue was down 4.4% on a year-over-year basis.

International Seaways Trading Down 0.2 %

INSW stock traded down $0.10 during trading on Friday, hitting $61.80. The company had a trading volume of 183,653 shares, compared to its average volume of 556,201. The stock has a market cap of $3.02 billion, a PE ratio of 5.50 and a beta of -0.05. The business has a 50-day moving average of $53.70 and a 200-day moving average of $50.49. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.35. International Seaways has a one year low of $34.77 and a one year high of $62.92.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Investors of record on Wednesday, June 12th will be given a dividend of $1.75 per share. This is a boost from International Seaways’s previous quarterly dividend of $1.20. The ex-dividend date is Wednesday, June 12th. This represents a $7.00 annualized dividend and a yield of 11.33%. International Seaways’s dividend payout ratio is currently 4.27%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on INSW. Jefferies Financial Group reaffirmed a “buy” rating and set a $66.00 target price on shares of International Seaways in a report on Thursday, February 29th. StockNews.com raised shares of International Seaways from a “hold” rating to a “buy” rating in a research report on Thursday. Stifel Nicolaus upped their target price on shares of International Seaways from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft increased their target price on International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $63.25.

Insider Activity

In other International Seaways news, CEO Lois K. Zabrocky sold 13,760 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $52.87, for a total value of $727,491.20. Following the sale, the chief executive officer now directly owns 148,942 shares in the company, valued at $7,874,563.54. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Lois K. Zabrocky sold 13,760 shares of the firm’s stock in a transaction on 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $53.09, for a total value of $53,090.00. Following the completion of the sale, the chief financial officer now directly owns 82,161 shares in the company, valued at $4,361,927.49. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,846 shares of company stock worth $3,074,618. Company insiders own 2.00% 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.