Q4 2023 EPS Estimates for International Seaways, Inc. Reduced by B. Riley (NYSE:INSW)

International Seaways, Inc. (NYSE:INSW) – Equities researchers at B. Riley lowered their Q4 2023 EPS estimates for International Seaways in a research note issued to investors on Tuesday, November 7th. B. Riley analyst L. Burke now forecasts that the transportation company will post earnings per share of $1.86 for the quarter, down from their previous estimate of $2.46. The consensus estimate for International Seaways’ current full-year earnings is $10.09 per share.

International Seaways (NYSE:INSW) last announced its earnings results on Wednesday, August 9th. The transportation company reported $3.12 EPS for the quarter, topping the consensus estimate of $2.70 by $0.42. International Seaways had a net margin of 55.45% and a return on equity of 39.60%. The company had revenue of $292.20 million for the quarter, compared to analysts’ expectations of $262.66 million.

Several other research analysts have also recently commented on INSW. BTIG Research raised their target price on shares of International Seaways from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, September 28th. StockNews.com raised shares of International Seaways from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Stifel Nicolaus reduced their price target on shares of International Seaways from $65.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, July 19th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $60.20.

International Seaways Stock Up 0.7 %

Shares of INSW opened at $47.60 on Friday. International Seaways has a 12 month low of $33.04 and a 12 month high of $53.25. The firm’s 50 day moving average is $44.72 and its 200-day moving average is $41.40. The stock has a market capitalization of $2.33 billion, a PE ratio of 3.67 and a beta of 0.09. The company has a current ratio of 2.53, a quick ratio of 2.26 and a debt-to-equity ratio of 0.43.

Hedge Funds Weigh In On International Seaways

Several large investors have recently modified their holdings of the business. Navellier & Associates Inc. raised its stake in shares of International Seaways by 23.1% during the third quarter. Navellier & Associates Inc. now owns 14,720 shares of the transportation company’s stock valued at $662,000 after acquiring an additional 2,758 shares during the last quarter. Deutsche Bank AG raised its stake in shares of International Seaways by 14.0% during the third quarter. Deutsche Bank AG now owns 20,677 shares of the transportation company’s stock valued at $930,000 after acquiring an additional 2,544 shares during the last quarter. UBS Group AG raised its stake in shares of International Seaways by 9.2% during the third quarter. UBS Group AG now owns 57,124 shares of the transportation company’s stock valued at $2,571,000 after acquiring an additional 4,830 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of International Seaways during the third quarter valued at $559,000. Finally, HighTower Advisors LLC bought a new position in shares of International Seaways during the third quarter valued at $340,000. Institutional investors own 63.08% of the company’s stock.

Insider Buying and Selling

In other International Seaways news, CEO Lois K. Zabrocky sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $43.53, for a total value of $43,530.00. Following the sale, the chief executive officer now owns 142,244 shares in the company, valued at $6,191,881.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other International Seaways news, CEO Lois K. Zabrocky sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $43.53, for a total value of $43,530.00. Following the sale, the chief executive officer now owns 142,244 shares in the company, valued at $6,191,881.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas D. Wheat sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $46.00, for a total transaction of $368,000.00. Following the completion of the sale, the director now owns 29,902 shares in the company, valued at approximately $1,375,492. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,500 shares of company stock worth $613,395. Corporate insiders own 2.00% of the company’s stock.

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 27th. Investors of record on Wednesday, December 13th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $5.00 annualized dividend and a dividend yield of 10.50%. International Seaways’s dividend payout ratio is 3.70%.

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. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.