Research Analysts Set Expectations for INSW FY2024 Earnings

International Seaways, Inc. (NYSE:INSW) – Stock analysts at B. Riley decreased their FY2024 earnings per share (EPS) estimates for International Seaways in a research note issued on Thursday, November 7th. B. Riley analyst L. Burke now expects that the transportation company will earn $7.16 per share for the year, down from their prior forecast of $7.38. The consensus estimate for International Seaways’ current full-year earnings is $8.44 per share.

A number of other analysts have also weighed in on INSW. Jefferies Financial Group restated a “buy” rating and issued a $66.00 target price on shares of International Seaways in a research note on Thursday, November 7th. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Finally, Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and decreased their price target for the company 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’s stock. Based on data from MarketBeat.com, International Seaways presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.67.

International Seaways Stock Down 1.4 %

Shares of INSW opened at $41.96 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.89 and a quick ratio of 3.87. The company has a market capitalization of $2.08 billion, a P/E ratio of 4.05 and a beta of -0.06. The business’s 50 day simple moving average is $48.66 and its 200-day simple moving average is $54.13. International Seaways has a one year low of $41.50 and a one year high of $65.94.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.15. The firm had revenue of $225.20 million for the quarter, compared to analyst estimates of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.91%. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.99 earnings per share.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $1.32 per share. This is a boost from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a yield of 12.58%. The ex-dividend date of this dividend is Friday, December 13th. International Seaways’s payout ratio is currently 4.64%.

Insiders Place Their Bets

In other news, SVP Derek G. Solon sold 1,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $49.75, for a total value of $49,750.00. Following the transaction, the senior vice president now owns 46,887 shares of the company’s stock, valued at approximately $2,332,628.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Derek G. Solon sold 1,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.75, for a total value of $49,750.00. Following the transaction, the senior vice president now directly owns 46,887 shares in the company, valued at $2,332,628.25. This trade represents 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. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $50.30, for a total value of $100,600.00. Following the completion of the sale, the chief executive officer now owns 155,475 shares of the company’s stock, valued at $7,820,392.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 13,000 shares of company stock valued at $640,120. 1.90% of the stock is currently owned by insiders.

Institutional Trading of International Seaways

A number of hedge funds have recently modified their holdings of INSW. Mirae Asset Global Investments Co. Ltd. increased its stake in International Seaways by 28.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,485 shares of the transportation company’s stock valued at $1,303,000 after purchasing an additional 5,469 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of International Seaways by 101.5% in the 1st quarter. BNP Paribas Financial Markets now owns 34,543 shares of the transportation company’s stock valued at $1,838,000 after buying an additional 17,399 shares in the last quarter. Swiss National Bank raised its stake in International Seaways by 7.3% during the 1st quarter. Swiss National Bank now owns 72,400 shares of the transportation company’s stock worth $3,852,000 after buying an additional 4,900 shares during the period. Inspire Investing LLC bought a new position in International Seaways during the first quarter worth about $884,000. Finally, Headlands Technologies LLC grew its stake in International Seaways by 173.4% in the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company’s stock valued at $48,000 after acquiring an additional 574 shares during the period. 67.29% of the stock is currently owned by institutional investors and hedge funds.

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.