International Seaways, Inc. (NYSE:INSW) Announces Dividend Increase - $1.32 Per Share

International Seaways, Inc. (NYSE:INSW - Get Free Report) announced a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Investors of record on Friday, December 13th will be paid a dividend of 1.32 per share by the transportation company on Friday, December 27th. This represents a $5.28 dividend on an annualized basis and a yield of 12.26%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from International Seaways's previous quarterly dividend of $0.12.

International Seaways has increased its dividend payment by an average of 26.0% per year over the last three years. International Seaways has a payout ratio of 5.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect International Seaways to earn $8.06 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 6.0%.

International Seaways Stock Performance

NYSE:INSW traded down $0.80 during mid-day trading on Friday, reaching $43.08. The stock had a trading volume of 732,091 shares, compared to its average volume of 579,329. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.87 and a current ratio of 3.89. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 4.18 and a beta of -0.06. International Seaways has a twelve month low of $42.08 and a twelve month high of $65.94. The business has a 50 day simple moving average of $49.18 and a 200 day simple moving average of $54.37.

International Seaways (NYSE:INSW - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.42 by $0.15. International Seaways had a net margin of 50.70% and a return on equity of 26.55%. The company had revenue of $225.20 million during the quarter, compared to the consensus estimate of $208.75 million. During the same period last year, the firm earned $1.99 EPS. The company's revenue for the quarter was down 6.8% on a year-over-year basis. On average, analysts expect that International Seaways will post 8.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INSW has been the subject of a number of research reports. Fearnley Fonds upgraded shares of International Seaways to a "strong-buy" rating in a research report on Friday, September 27th. Jefferies Financial Group reiterated a "buy" rating and set a $66.00 price target on shares of International Seaways in a research report on Thursday. Stifel Nicolaus downgraded shares of International Seaways from a "buy" rating to a "hold" rating and reduced their price target for the company from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, StockNews.com downgraded shares of International Seaways from a "buy" rating to a "hold" rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.67.

Insider Transactions at International Seaways

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $49.40, for a total transaction of $98,800.00. Following the completion of the transaction, the chief executive officer now directly owns 157,475 shares of the company's stock, valued at $7,779,265. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $49.40, for a total value of $98,800.00. Following the completion of the sale, the chief executive officer now directly owns 157,475 shares of the company's stock, valued at approximately $7,779,265. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexandra Kate Blankenship sold 5,000 shares of International Seaways 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 directly owns 16,109 shares of the company's stock, 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. Insiders sold a total of 15,000 shares of company stock valued at $738,920 in the last ninety days. Corporate insiders own 1.90% 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.