FY2024 EPS Estimate for International Seaways Cut by Analyst

International Seaways, Inc. (NYSE:INSW - Free Report) - Research analysts at B. Riley lowered their FY2024 earnings estimates for shares of International Seaways in a report released on Thursday, November 7th. B. Riley analyst L. Burke now forecasts that the transportation company will post earnings per share of $7.16 for the year, down from their prior estimate of $7.38. The consensus estimate for International Seaways' current full-year earnings is $8.44 per share.

International Seaways (NYSE:INSW - Get Free Report) last issued its earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.42 by $0.15. International Seaways had a net margin of 50.91% and a return on equity of 24.91%. The business had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. During the same quarter last year, the firm posted $1.99 EPS. The business's revenue for the quarter was down 6.8% compared to the same quarter last year.

INSW has been the topic of a number of other research reports. Stifel Nicolaus downgraded shares of International Seaways from a "buy" rating to a "hold" rating and cut their target price for the company from $69.00 to $56.00 in a research note on Wednesday, October 23rd. Jefferies Financial Group reaffirmed a "buy" rating and set a $66.00 price target on shares of International Seaways in a research note on Thursday. StockNews.com downgraded shares of International Seaways from a "buy" rating to a "hold" rating in a research note on Thursday, August 8th. Finally, Fearnley Fonds raised shares of International Seaways to a "strong-buy" rating in a research note on Friday, September 27th. 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's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $62.67.

International Seaways Trading Down 1.3 %

Shares of INSW stock traded down $0.54 during mid-day trading on Monday, reaching $42.54. The company's stock had a trading volume of 668,548 shares, compared to its average volume of 579,739. The company's 50 day simple moving average is $48.82 and its 200-day simple moving average is $54.22. International Seaways has a 12-month low of $42.05 and a 12-month high of $65.94. The company has a quick ratio of 3.87, a current ratio of 3.89 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $2.11 billion, a PE ratio of 4.11 and a beta of -0.06.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $1.32 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from International Seaways's previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a dividend yield of 12.41%. International Seaways's payout ratio is 4.64%.

Insider Activity

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways 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 sale, the senior vice president now directly owns 51,803 shares in the company, valued at $2,230,119.15. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the business's stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $43.05, for a total transaction of $43,050.00. Following the sale, the senior vice president now directly owns 51,803 shares in the company, valued at approximately $2,230,119.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $49.17, for a total transaction of $245,850.00. Following the completion of the sale, the director now owns 16,109 shares in the company, valued at $792,079.53. 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 three months, insiders sold 13,000 shares of company stock valued at $640,120. Company insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in INSW. EverSource Wealth Advisors LLC purchased a new position in shares of International Seaways in the first quarter worth approximately $27,000. EdgeRock Capital LLC purchased a new position in International Seaways during the second quarter valued at approximately $28,000. Blue Trust Inc. purchased a new position in International Seaways during the third quarter valued at approximately $41,000. Headlands Technologies LLC grew its position in International Seaways by 173.4% during the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company's stock valued at $48,000 after purchasing an additional 574 shares in the last quarter. Finally, KBC Group NV grew its position in International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company's stock valued at $56,000 after purchasing an additional 428 shares in the last quarter. 67.29% of the stock is owned by hedge funds and other 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.