Equities Analysts Issue Forecasts for INSW Q3 Earnings

International Seaways, Inc. (NYSE:INSW) – Equities research analysts at B. Riley lowered their Q3 2024 earnings per share (EPS) estimates for shares of International Seaways in a research note issued to investors on Thursday, October 24th. B. Riley analyst L. Burke now anticipates that the transportation company will post earnings per share of $1.35 for the quarter, down from their prior forecast of $1.47. The consensus estimate for International Seaways’ current full-year earnings is $9.51 per share.

A number of other research firms also recently issued reports on INSW. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Stifel Nicolaus downgraded 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. StockNews.com cut International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $66.00 price objective on shares of International Seaways in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, International Seaways presently has an average rating of “Moderate Buy” and a consensus price target of $62.67.

International Seaways Price Performance

Shares of NYSE INSW opened at $45.03 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.87 and a current ratio of 3.89. International Seaways has a fifty-two week low of $42.08 and a fifty-two week high of $65.94. The firm has a market capitalization of $2.22 billion, a PE ratio of 4.21 and a beta of -0.08. The stock’s 50-day simple moving average is $50.50 and its 200-day simple moving average is $54.95.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of INSW. Millennium Management LLC bought a new position in International Seaways during the 2nd quarter worth approximately $21,875,000. Vanguard Group Inc. lifted its holdings in International Seaways by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 3,986,353 shares of the transportation company’s stock worth $212,074,000 after buying an additional 286,295 shares during the last quarter. American Century Companies Inc. lifted its holdings in International Seaways by 25.7% during the 2nd quarter. American Century Companies Inc. now owns 1,235,135 shares of the transportation company’s stock worth $73,034,000 after buying an additional 252,492 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in International Seaways during the 2nd quarter worth approximately $8,781,000. Finally, Goldman Sachs Group Inc. lifted its holdings in International Seaways by 57.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock worth $18,367,000 after buying an additional 147,740 shares during the last quarter. Hedge funds and other institutional investors own 67.29% of the company’s stock.

Insider Activity

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the business’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 completion of the sale, the chief financial officer now owns 38,849 shares of the company’s stock, valued at approximately $2,174,378.53. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Jeffrey Pribor sold 1,000 shares of the company’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 completion of the sale, the chief financial officer now owns 38,849 shares of the company’s stock, valued at $2,174,378.53. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $49.22, for a total value of $98,440.00. Following the completion of the sale, the chief executive officer now owns 153,475 shares of the company’s stock, valued at approximately $7,554,039.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,000 shares of company stock valued at $751,840 over the last quarter. Company insiders own 1.90% of the company’s stock.

International Seaways Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Wednesday, September 11th. International Seaways’s dividend payout ratio is currently 4.49%.

International Seaways Company Profile

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.