B. Riley Equities Analysts Lower Earnings Estimates for INSW

International Seaways, Inc. (NYSE:INSW) – Analysts at B. Riley dropped their FY2024 earnings per share estimates for shares of International Seaways in a research note issued to investors on Thursday, November 7th. B. Riley analyst L. Burke now anticipates that the transportation company will earn $7.16 per share for the year, down from their prior estimate of $7.38. The consensus estimate for International Seaways’ current full-year earnings is $8.44 per share.

A number of other brokerages also recently issued reports on INSW. Fearnley Fonds upgraded International Seaways to a “strong-buy” rating in a report on Friday, September 27th. StockNews.com downgraded International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and cut their price target for the company from $69.00 to $56.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $66.00 price objective on shares of International Seaways in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.67.

International Seaways Price Performance

INSW opened at $43.08 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.89 and a quick ratio of 3.87. The stock’s 50 day simple moving average is $49.01 and its 200 day simple moving average is $54.30. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 4.16 and a beta of -0.06. International Seaways has a 1 year low of $42.08 and a 1 year high of $65.94.

International Seaways (NYSE:INSW) last posted its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.42 by $0.15. The firm had revenue of $225.20 million for the quarter, compared to the consensus estimate of $208.75 million. International Seaways had a net margin of 50.91% and a return on equity of 24.91%. The business’s revenue was down 6.8% compared to the same quarter last year. During the same period last year, the firm posted $1.99 earnings per share.

International Seaways Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. This represents a $5.28 annualized dividend and a dividend yield of 12.26%. International Seaways’s payout ratio is currently 4.64%.

Insider Buying and Selling

In other news, Director Alexandra Kate Blankenship sold 5,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the sale, the director now owns 16,109 shares in the company, valued at approximately $792,079.53. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the completion of the transaction, the director now owns 16,109 shares of the company’s stock, valued at approximately $792,079.53. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $50.30, for a total value of $100,600.00. Following the completion of the sale, the chief executive officer now directly owns 155,475 shares in the company, valued at approximately $7,820,392.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock valued at $640,120 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Several institutional investors and hedge funds have recently modified their holdings of INSW. Bailard Inc. raised its holdings in International Seaways by 2.4% in the 2nd quarter. Bailard Inc. now owns 12,714 shares of the transportation company’s stock worth $752,000 after acquiring an additional 300 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of International Seaways by 62.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 791 shares of the transportation company’s stock worth $44,000 after purchasing an additional 305 shares in the last quarter. Consolidated Portfolio Review Corp increased its holdings in shares of International Seaways by 3.9% in the 2nd quarter. Consolidated Portfolio Review Corp now owns 8,328 shares of the transportation company’s stock worth $492,000 after purchasing an additional 312 shares in the last quarter. KBC Group NV raised its stake in shares of International Seaways by 65.2% in the third quarter. KBC Group NV now owns 1,084 shares of the transportation company’s stock worth $56,000 after purchasing an additional 428 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of International Seaways by 47.9% during the second quarter. CWM LLC now owns 1,470 shares of the transportation company’s stock valued at $87,000 after purchasing an additional 476 shares in the last quarter. 67.29% 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, 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.