International Seaways, Inc. (NYSE:INSW – Get Rating) – Research analysts at B. Riley issued their FY2022 earnings per share (EPS) estimates for shares of International Seaways in a research note issued on Wednesday, November 9th. B. Riley analyst L. Burke forecasts that the transportation company will earn $6.58 per share for the year. The consensus estimate for International Seaways’ current full-year earnings is $6.40 per share. B. Riley also issued estimates for International Seaways’ Q4 2022 earnings at $3.13 EPS.
INSW has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of International Seaways from $40.00 to $50.00 in a research note on Thursday, October 27th. Stifel Nicolaus increased their price objective on International Seaways from $32.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 14th. Jefferies Financial Group boosted their target price on International Seaways from $45.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday. BTIG Research lifted their price target on shares of International Seaways from $30.00 to $50.00 in a research note on Wednesday. Finally, TheStreet raised shares of International Seaways from a “c” rating to a “b-” rating in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, International Seaways presently has an average rating of “Moderate Buy” and an average price target of $50.60.
International Seaways Stock Down 1.7 %
International Seaways (NYSE:INSW – Get Rating) last posted its earnings results on Tuesday, November 8th. The transportation company reported $2.28 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.14). International Seaways had a return on equity of 11.94% and a net margin of 21.81%. The business had revenue of $236.83 million for the quarter, compared to analysts’ expectations of $236.13 million.
International Seaways Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 22nd. Investors of record on Thursday, December 8th will be issued a dividend of $1.12 per share. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $4.48 dividend on an annualized basis and a yield of 10.35%. The ex-dividend date is Wednesday, December 7th. International Seaways’s dividend payout ratio is currently 17.65%.
Insider Buying and Selling at International Seaways
In other International Seaways news, Director Craig H. Stevenson, Jr. sold 50,000 shares of the stock in a transaction that occurred on Friday, October 21st. The stock was sold at an average price of $40.01, for a total value of $2,000,500.00. Following the completion of the sale, the director now owns 119,995 shares in the company, valued at approximately $4,800,999.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Jeffrey Pribor sold 1,000 shares of the stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $35.65, for a total value of $35,650.00. Following the completion of the transaction, the chief financial officer now directly owns 46,348 shares of the company’s stock, valued at $1,652,306.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Craig H. Stevenson, Jr. sold 50,000 shares of International Seaways stock in a transaction that occurred on Friday, October 21st. The shares were sold at an average price of $40.01, for a total value of $2,000,500.00. Following the sale, the director now directly owns 119,995 shares in the company, valued at $4,800,999.95. The disclosure for this sale can be found here. Insiders sold 87,499 shares of company stock valued at $3,200,662 in the last quarter. Company insiders own 2.90% of the company’s stock.
Institutional Investors Weigh In On International Seaways
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of International Seaways by 1.9% during the first quarter. Vanguard Group Inc. now owns 3,465,109 shares of the transportation company’s stock valued at $62,511,000 after purchasing an additional 64,562 shares in the last quarter. BlackRock Inc. increased its holdings in shares of International Seaways by 0.5% during the first quarter. BlackRock Inc. now owns 3,280,445 shares of the transportation company’s stock valued at $59,180,000 after acquiring an additional 16,434 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of International Seaways by 8.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,291,778 shares of the transportation company’s stock worth $80,510,000 after purchasing an additional 170,380 shares during the last quarter. Brightlight Capital Management LP bought a new stake in International Seaways during the 1st quarter valued at about $20,511,000. Finally, State Street Corp raised its holdings in International Seaways by 3.4% in the second quarter. State Street Corp now owns 1,101,570 shares of the transportation company’s stock worth $23,353,000 after buying an additional 36,216 shares during the last quarter. 85.79% of the stock is currently 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, 2021, the company owned and operated a fleet of 83 vessels, which include 12 chartered-in vessels, as well as had ownership interests in two floating storage and offloading service vessels.
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