What is B. Riley's Forecast for INSW FY2024 Earnings?

International Seaways, Inc. (NYSE:INSW - Free Report) - Investment analysts at B. Riley upped their FY2024 EPS estimates for International Seaways in a research note issued to investors on Wednesday, January 15th. B. Riley analyst L. Burke now expects that the transportation company will post earnings per share of $8.04 for the year, up from their previous estimate of $7.16. The consensus estimate for International Seaways' current full-year earnings is $7.92 per share. B. Riley also issued estimates for International Seaways' Q4 2024 earnings at $0.36 EPS and FY2025 earnings at $4.18 EPS.

A number of other research firms have also weighed in on INSW. Jefferies Financial Group cut their target price on shares of International Seaways from $66.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, November 14th. Fearnley Fonds raised shares of International Seaways to a "strong-buy" rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus cut 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 report on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.67.

International Seaways Stock Down 2.3 %

NYSE INSW traded down $0.90 during trading hours on Friday, hitting $38.48. 888,859 shares of the company were exchanged, compared to its average volume of 1,027,669. The company has a 50 day moving average of $38.23 and a two-hundred day moving average of $46.84. The company has a quick ratio of 3.60, a current ratio of 3.60 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 3.72 and a beta of -0.10. International Seaways has a 52-week low of $32.11 and a 52-week high of $65.94.

International Seaways (NYSE:INSW - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.42 by $0.15. The business had revenue of $225.20 million for the quarter, compared to analyst estimates of $208.75 million. International Seaways had a return on equity of 24.65% and a net margin of 50.91%. The company's revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.99 earnings per share.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a $1.32 dividend. This is a positive change from International Seaways's previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a yield of 13.72%. The ex-dividend date was Friday, December 13th. International Seaways's dividend payout ratio is currently 4.64%.

Insiders Place Their Bets

In related news, SVP Derek G. Solon sold 1,200 shares of the firm's stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $38.91, for a total transaction of $46,692.00. Following the transaction, the senior vice president now owns 45,687 shares in the company, valued at $1,777,681.17. This trade represents a 2.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of International Seaways stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $41.83, for a total value of $83,660.00. Following the transaction, the chief executive officer now directly owns 151,475 shares in the company, valued at approximately $6,336,199.25. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,200 shares of company stock valued at $248,012. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On International Seaways

A number of hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its stake in International Seaways by 62.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company's stock worth $44,000 after purchasing an additional 305 shares during the period. Franklin Resources Inc. raised its holdings in shares of International Seaways by 0.8% in the third quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company's stock valued at $2,428,000 after buying an additional 379 shares during the last quarter. KBC Group NV boosted its stake in shares of International Seaways by 65.2% during the third quarter. KBC Group NV now owns 1,084 shares of the transportation company's stock worth $56,000 after buying an additional 428 shares during the period. Cynosure Group LLC grew its holdings in shares of International Seaways by 6.6% during the third quarter. Cynosure Group LLC now owns 7,171 shares of the transportation company's stock worth $370,000 after buying an additional 447 shares during the last quarter. Finally, Ensign Peak Advisors Inc increased its position in International Seaways by 2.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 22,702 shares of the transportation company's stock valued at $1,342,000 after acquiring an additional 550 shares during the period. 67.29% of the stock is currently 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.