B. Riley Has Bullish Forecast for INSW FY2024 Earnings

International Seaways, Inc. (NYSE:INSWFree Report) – Equities research analysts at B. Riley raised their FY2024 EPS estimates for shares of International Seaways in a report released 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 prior forecast 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.

Several other equities research analysts also recently issued reports on the company. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Jefferies Financial Group lowered their target price on International Seaways from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Finally, Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and dropped their target price for the stock from $69.00 to $56.00 in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $60.67.

Read Our Latest Stock Report on INSW

International Seaways Stock Performance

Shares of International Seaways stock opened at $38.48 on Friday. The stock’s fifty day simple moving average is $38.14 and its 200 day simple moving average is $46.69. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.89 billion, a PE ratio of 3.72 and a beta of -0.10. International Seaways has a 12 month low of $32.11 and a 12 month high of $65.94.

International Seaways (NYSE:INSWGet Free Report) last announced its quarterly earnings results 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. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The company had revenue of $225.20 million for the quarter, compared to analysts’ expectations of $208.75 million. During the same period last year, the firm posted $1.99 earnings per share. The business’s quarterly revenue was down 6.8% compared to the same quarter last year.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given 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 dividend yield of 13.72%. The ex-dividend date of this dividend was Friday, December 13th. International Seaways’s dividend payout ratio is currently 4.64%.

Insider Buying and Selling

In other news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $41.83, for a total transaction of $83,660.00. Following the completion of the transaction, the chief executive officer now directly owns 151,475 shares in the company, valued at $6,336,199.25. This represents a 1.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $43.05, for a total value of $43,050.00. Following the completion of the transaction, the senior vice president now owns 51,803 shares of the company’s stock, valued at $2,230,119.15. The trade was a 1.89 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,200 shares of company stock worth $248,012. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of International Seaways by 221.0% in the 3rd quarter. FMR LLC now owns 602,213 shares of the transportation company’s stock valued at $31,050,000 after buying an additional 414,610 shares during the last quarter. Millennium Management LLC acquired a new stake in International Seaways in the second quarter valued at $21,875,000. Barclays PLC grew its position in shares of International Seaways by 206.3% in the 3rd quarter. Barclays PLC now owns 259,393 shares of the transportation company’s stock valued at $13,374,000 after acquiring an additional 174,695 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of International Seaways during the 2nd quarter worth about $8,781,000. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in shares of International Seaways in the 3rd quarter valued at about $6,168,000. 67.29% of the stock is currently owned by institutional investors.

About International Seaways

(Get Free Report)

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.

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