B. Riley Lowers Earnings Estimates for International Seaways

International Seaways, Inc. (NYSE:INSW - Free Report) - Research analysts at B. Riley reduced their Q3 2024 earnings estimates for International Seaways in a research note issued to investors on Thursday, October 24th. B. Riley analyst L. Burke now forecasts that the transportation company will earn $1.35 per share for the quarter, down from their previous forecast of $1.47. The consensus estimate for International Seaways' current full-year earnings is $9.51 per share.

International Seaways (NYSE:INSW - Get Free Report) last announced its earnings results on Wednesday, August 7th. The transportation company reported $2.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.50 by ($0.13). International Seaways had a return on equity of 26.55% and a net margin of 50.70%. The company had revenue of $257.40 million during the quarter, compared to analyst estimates of $256.13 million. During the same period in the previous year, the company posted $3.12 earnings per share. International Seaways's revenue for the quarter was down 11.9% on a year-over-year basis.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus downgraded International Seaways from a "buy" rating to a "hold" rating and reduced their price target for the stock from $69.00 to $56.00 in a research report on Wednesday. StockNews.com cut shares of International Seaways from a "buy" rating to a "hold" rating in a report on Thursday, August 8th. Fearnley Fonds upgraded shares of International Seaways to a "strong-buy" rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group reissued a "buy" rating and set a $66.00 price target on shares of International Seaways in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, International Seaways has a consensus rating of "Moderate Buy" and an average price target of $62.67.

International Seaways Stock Up 1.0 %

Shares of NYSE:INSW traded up $0.43 during mid-day trading on Friday, reaching $45.44. 473,622 shares of the stock were exchanged, compared to its average volume of 575,518. The stock's 50 day simple moving average is $50.40 and its 200-day simple moving average is $54.90. International Seaways has a one year low of $42.08 and a one year high of $65.94. The company has a market cap of $2.24 billion, a P/E ratio of 4.25 and a beta of -0.08. The company has a quick ratio of 3.87, a current ratio of 3.89 and a debt-to-equity ratio of 0.35.

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend was Wednesday, September 11th. International Seaways's dividend payout ratio (DPR) is currently 4.49%.

Insider Buying and Selling at International Seaways

In other news, Director Alexandra Kate Blankenship sold 5,000 shares of the business's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the transaction, the director now directly owns 16,109 shares in the company, valued at $792,079.53. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, 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 transaction, the director now directly owns 16,109 shares in the company, valued at approximately $792,079.53. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $55.97, for a total value of $55,970.00. Following the completion of the sale, the chief financial officer now owns 38,849 shares in the company, valued at approximately $2,174,378.53. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,000 shares of company stock worth $751,840 over the last quarter. 1.90% of the stock is currently owned by insiders.

Institutional Trading of International Seaways

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of International Seaways by 7.7% during the first quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company's stock worth $212,074,000 after acquiring an additional 286,295 shares during the period. American Century Companies Inc. boosted its stake in International Seaways by 25.7% in the 2nd quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company's stock valued at $73,034,000 after purchasing an additional 252,492 shares during the period. Renaissance Technologies LLC grew its holdings in International Seaways by 5.3% in the 2nd quarter. Renaissance Technologies LLC now owns 882,531 shares of the transportation company's stock valued at $52,184,000 after buying an additional 44,200 shares in the last quarter. Victory Capital Management Inc. increased its position in International Seaways by 4.1% during the 2nd quarter. Victory Capital Management Inc. now owns 853,745 shares of the transportation company's stock worth $50,482,000 after buying an additional 33,712 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in International Seaways by 57.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company's stock worth $18,367,000 after buying an additional 147,740 shares during the period. Institutional investors own 67.29% of the company's stock.

International Seaways Company Profile

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.