FY2024 EPS Estimate for International Seaways Cut by Analyst

International Seaways, Inc. (NYSE:INSW - Free Report) - Investment analysts at B. Riley dropped their FY2024 earnings estimates for shares of International Seaways in a report released on Thursday, October 24th. B. Riley analyst L. Burke now expects that the transportation company will earn $7.38 per share for the year, down from their prior forecast of $9.31. The consensus estimate for International Seaways' current full-year earnings is $9.31 per share. B. Riley also issued estimates for International Seaways' Q4 2024 earnings at $0.75 EPS and FY2025 earnings at $7.52 EPS.

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

Other research analysts have also issued reports about the stock. Stifel Nicolaus lowered shares of International Seaways from a "buy" rating to a "hold" rating and lowered 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 objective on shares of International Seaways in a research report on Wednesday, August 7th. Fearnley Fonds raised shares of International Seaways to a "strong-buy" rating in a research report on Friday, September 27th. Finally, StockNews.com lowered shares of International Seaways from a "buy" rating to a "hold" rating in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, International Seaways has an average rating of "Moderate Buy" and an average price target of $62.67.

International Seaways Stock Down 1.5 %

Shares of INSW traded down $0.70 during trading hours on Monday, hitting $44.74. 576,861 shares of the company were exchanged, compared to its average volume of 575,526. 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 company has a market cap of $2.21 billion, a PE ratio of 4.18 and a beta of -0.08. The firm's 50 day moving average is $50.40 and its 200-day moving average is $54.94. International Seaways has a 52 week low of $42.08 and a 52 week high of $65.94.

Institutional Trading of International Seaways

Several hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC acquired a new position in International Seaways in the first quarter valued at approximately $27,000. EdgeRock Capital LLC acquired a new stake in International Seaways in the second quarter worth $28,000. Blue Trust Inc. acquired a new stake in International Seaways in the third quarter worth $41,000. Headlands Technologies LLC raised its holdings in International Seaways by 173.4% in the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company's stock worth $48,000 after purchasing an additional 574 shares during the period. Finally, Quarry LP raised its holdings in International Seaways by 408.0% in the second quarter. Quarry LP now owns 1,453 shares of the transportation company's stock worth $86,000 after purchasing an additional 1,167 shares during the period. 67.29% of the stock is owned by institutional investors.

Insider Activity at International Seaways

In related news, CEO Lois K. Zabrocky sold 2,000 shares of the company's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $49.22, for a total value of $98,440.00. Following the sale, the chief executive officer now owns 153,475 shares of the company's stock, valued at $7,554,039.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the company's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $49.22, for a total transaction of $98,440.00. Following the sale, the chief executive officer now directly owns 153,475 shares of the company's stock, valued at approximately $7,554,039.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the company'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 in the company, valued at $2,754,175.57. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,000 shares of company stock valued at $751,840 over the last quarter. 1.90% of the stock is owned by company insiders.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were paid a $0.12 dividend. The ex-dividend date was Wednesday, September 11th. This represents a $0.48 dividend on an annualized basis and a yield of 1.07%. International Seaways's payout ratio is currently 4.49%.

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.