B. Riley Expects Reduced Earnings for International Seaways

International Seaways, Inc. (NYSE:INSW) – B. Riley reduced their FY2024 earnings estimates for shares of International Seaways in a research report issued to clients and investors on Thursday, October 24th. B. Riley analyst L. Burke now forecasts that the transportation company will earn $7.38 per share for the year, down from their prior estimate 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.

A number of other brokerages also recently issued reports on INSW. StockNews.com downgraded International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Stifel Nicolaus downgraded shares of International Seaways from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.67.

International Seaways Stock Performance

Shares of INSW opened at $45.44 on Monday. The company has a current ratio of 3.89, a quick ratio of 3.87 and a debt-to-equity ratio of 0.35. The firm’s fifty day simple moving average is $50.40 and its two-hundred day simple moving average is $54.94. International Seaways has a 12 month low of $42.08 and a 12 month high of $65.94. The stock has a market capitalization of $2.26 billion, a P/E ratio of 4.33 and a beta of -0.08.

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

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis 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 4.57%.

Insiders Place Their Bets

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $55.97, for a total transaction 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $49.40, for a total value of $98,800.00. Following the completion of the sale, the chief executive officer now directly owns 157,475 shares of the company’s stock, valued at $7,779,265. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 38,849 shares in the company, valued at approximately $2,174,378.53. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,000 shares of company stock worth $751,840. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC purchased a new position in shares of International Seaways in the 1st quarter worth approximately $27,000. EdgeRock Capital LLC bought a new stake in International Seaways during the second quarter worth $28,000. Blue Trust Inc. purchased a new position in International Seaways in the third quarter worth $41,000. Headlands Technologies LLC grew its stake in International Seaways by 173.4% in the 1st quarter. Headlands Technologies LLC now owns 905 shares of the transportation company’s stock valued at $48,000 after purchasing an additional 574 shares during the period. Finally, Quarry LP grew its stake in International Seaways by 408.0% in the 2nd quarter. Quarry LP now owns 1,453 shares of the transportation company’s stock valued at $86,000 after purchasing an additional 1,167 shares during the period. 67.29% of the stock is 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.