International Seaways, Inc. (INSW) to Issue Quarterly Dividend of $1.75 on June 26th

International Seaways, Inc. (NYSE:INSWGet Free Report) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Wednesday, June 12th will be given a dividend of 1.75 per share by the transportation company on Wednesday, June 26th. This represents a $7.00 dividend on an annualized basis and a yield of 11.35%. The ex-dividend date of this dividend is Wednesday, June 12th. This is a positive change from International Seaways’s previous quarterly dividend of $1.20.

International Seaways has raised its dividend payment by an average of 26.0% annually over the last three years and has raised its dividend every year for the last 3 years. International Seaways has a payout ratio of 5.6% meaning its dividend is sufficiently covered by earnings. Analysts expect International Seaways to earn $8.27 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 5.8%.

International Seaways Stock Performance

Shares of INSW opened at $61.66 on Monday. The company has a quick ratio of 2.72, a current ratio of 2.73 and a debt-to-equity ratio of 0.31. The business has a 50-day simple moving average of $58.25 and a two-hundred day simple moving average of $52.87. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 5.76 and a beta of -0.04. International Seaways has a 52 week low of $34.77 and a 52 week high of $65.94.

International Seaways (NYSE:INSWGet Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The transportation company reported $2.92 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.54. The business had revenue of $274.40 million during the quarter, compared to analysts’ expectations of $249.12 million. International Seaways had a return on equity of 29.74% and a net margin of 49.88%. The business’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.30 earnings per share. On average, analysts expect that International Seaways will post 10.07 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft upped their price objective on International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a research note on Thursday, February 29th. Stifel Nicolaus upped their price objective on International Seaways from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Finally, StockNews.com raised International Seaways from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, International Seaways has a consensus rating of “Buy” and a consensus target price of $63.25.

Check Out Our Latest Research Report on International Seaways

Insider Activity at International Seaways

In other International Seaways news, CFO Jeffrey Pribor sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $51.59, for a total transaction of $825,440.00. Following the sale, the chief financial officer now directly owns 67,956 shares in the company, valued at $3,505,850.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other International Seaways news, CFO Jeffrey Pribor sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $51.59, for a total transaction of $825,440.00. Following the sale, the chief financial officer now directly owns 67,956 shares in the company, valued at $3,505,850.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Derek G. Solon sold 1,000 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $64.90, for a total value of $64,900.00. Following the transaction, the senior vice president now owns 47,887 shares in the company, valued at $3,107,866.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,693 shares of company stock valued at $2,498,529. Insiders own 1.90% of the company’s stock.

About International Seaways

(Get Free Report)

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.

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Dividend History for International Seaways (NYSE:INSW)

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