International Seaways (NYSE:INSW) Announces Quarterly Earnings Results

International Seaways (NYSE:INSW) released its quarterly earnings data on Wednesday. The transportation company reported $2.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.13), Briefing.com reports. International Seaways had a return on equity of 29.74% and a net margin of 49.88%. The company had revenue of $257.40 million for the quarter, compared to analyst estimates of $256.13 million. During the same quarter in the prior year, the company earned $3.12 earnings per share. The business’s revenue was down 11.9% compared to the same quarter last year.

International Seaways Price Performance

Shares of NYSE:INSW traded down $0.23 during midday trading on Friday, reaching $49.12. The company’s stock had a trading volume of 638,734 shares, compared to its average volume of 567,017. The business’s fifty day simple moving average is $57.21 and its 200-day simple moving average is $55.78. The company has a market capitalization of $2.43 billion, a P/E ratio of 4.59 and a beta of -0.06. International Seaways has a fifty-two week low of $40.11 and a fifty-two week high of $65.94. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.73 and a quick ratio of 2.72.

International Seaways Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.98%. International Seaways’s dividend payout ratio (DPR) is presently 4.49%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on INSW shares. StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a research note on Thursday. Jefferies Financial Group reiterated a “buy” rating and set a $66.00 price objective on shares of International Seaways in a research note on Wednesday. Stifel Nicolaus raised their target price on International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on International Seaways from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.75.

Insider Activity at International Seaways

In related news, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $55.97, for a total value of $55,970.00. Following the transaction, the chief financial officer now owns 38,849 shares in the company, valued at $2,174,378.53. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $55.97, for a total transaction of $55,970.00. Following the transaction, the chief financial officer now owns 38,849 shares in the company, valued at $2,174,378.53. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Joseph Isaac Kronsberg sold 5,035 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $62.30, for a total value of $313,680.50. Following the transaction, the director now owns 6,725 shares in the company, valued at approximately $418,967.50. The disclosure for this sale can be found here. Insiders have sold a total of 58,167 shares of company stock worth $3,554,176 over the last 90 days. Insiders own 1.90% of the company’s stock.

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.