International Seaways (NYSE:INSW) Announces Earnings Results, Beats Estimates By $0.15 EPS

International Seaways (NYSE:INSW - Get Free Report) announced its quarterly earnings data on Thursday. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.42 by $0.15, Briefing.com reports. International Seaways had a net margin of 50.70% and a return on equity of 26.55%. The firm had revenue of $225.20 million during the quarter, compared to analysts' expectations of $208.75 million. During the same period in the prior year, the company posted $1.99 earnings per share. The company's revenue for the quarter was down 6.8% compared to the same quarter last year.

International Seaways Stock Down 1.8 %

Shares of INSW traded down $0.80 during midday trading on Friday, hitting $43.08. 732,101 shares of the company's stock traded hands, compared to its average volume of 636,936. International Seaways has a 1 year low of $42.08 and a 1 year high of $65.94. The firm's fifty day moving average is $49.01 and its 200-day moving average is $54.30. The company has a current ratio of 3.89, a quick ratio of 3.87 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of 4.16 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 given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from International Seaways's previous quarterly dividend of $0.12. This represents a $5.28 dividend on an annualized basis and a dividend yield of 12.26%. International Seaways's dividend payout ratio is presently 4.64%.

Insider Buying and Selling at International Seaways

In related news, SVP William F. Nugent sold 1,000 shares of International Seaways stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $51.19, for a total transaction of $51,190.00. Following the completion of the sale, the senior vice president now owns 53,803 shares of the company's stock, valued at $2,754,175.57. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP William F. Nugent sold 1,000 shares of the firm's stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $51.19, for a total transaction of $51,190.00. Following the sale, the senior vice president now directly owns 53,803 shares of the company's stock, valued at $2,754,175.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $50.30, for a total value of $100,600.00. Following the transaction, the chief executive officer now owns 155,475 shares of the company's stock, valued at approximately $7,820,392.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,000 shares of company stock worth $738,920. 1.90% of the stock is owned by insiders.

Analyst Ratings Changes

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

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.