International Seaways (NYSE:INSW) Issues Earnings Results, Beats Expectations By $0.24 EPS

International Seaways (NYSE:INSW) announced its quarterly earnings data on Thursday. The transportation company reported $1.15 EPS for the quarter, topping the consensus estimate of $0.91 by $0.24, Zacks reports. International Seaways had a net margin of 29.88% and a return on equity of 11.35%. The business had revenue of $196.39 million for the quarter, compared to analyst estimates of $180.92 million. During the same quarter in the previous year, the firm posted $1.57 earnings per share. The company’s revenue for the quarter was down 12.8% on a year-over-year basis.

International Seaways Price Performance

INSW traded up $0.87 during trading on Friday, reaching $53.24. The stock had a trading volume of 593,337 shares, compared to its average volume of 698,801. The stock has a market cap of $2.63 billion, a PE ratio of 11.07 and a beta of -0.02. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. International Seaways has a one year low of $27.20 and a one year high of $53.90. The business has a 50-day moving average of $47.29 and a 200-day moving average of $41.97.

International Seaways Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 23rd. Stockholders of record on Tuesday, December 9th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, December 9th. International Seaways’s payout ratio is currently 9.98%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on INSW. Weiss Ratings reiterated a “hold (c+)” rating on shares of International Seaways in a research note on Wednesday, October 8th. BTIG Research dropped their price target on shares of International Seaways from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $52.67.

Insider Transactions at International Seaways

In other news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $44.00, for a total transaction of $44,000.00. Following the transaction, the chief financial officer directly owned 67,695 shares in the company, valued at approximately $2,978,580. This represents a 1.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO James D. Small III sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $41.35, for a total value of $206,750.00. Following the completion of the sale, the chief accounting officer directly owned 69,292 shares of the company’s stock, valued at approximately $2,865,224.20. This represents a 6.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 17,000 shares of company stock worth $737,320. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On International Seaways

A number of institutional investors have recently bought and sold shares of INSW. Royal Bank of Canada increased its position in shares of International Seaways by 42.0% during the first quarter. Royal Bank of Canada now owns 9,365 shares of the transportation company’s stock valued at $311,000 after acquiring an additional 2,768 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in International Seaways by 3.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,089 shares of the transportation company’s stock valued at $800,000 after purchasing an additional 900 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in International Seaways by 16.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 128,428 shares of the transportation company’s stock valued at $4,264,000 after purchasing an additional 18,509 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of International Seaways in the 2nd quarter worth $223,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of International Seaways in the second quarter worth $1,626,000. 67.29% of the stock is owned by 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.