Equities Analysts Issue Forecasts for International Seaways, Inc.’s Q2 2024 Earnings (NYSE:INSW)

International Seaways, Inc. (NYSE:INSW) – Equities research analysts at B. Riley lifted their Q2 2024 earnings per share (EPS) estimates for International Seaways in a note issued to investors on Thursday, July 11th. B. Riley analyst L. Burke now anticipates that the transportation company will post earnings of $2.28 per share for the quarter, up from their previous forecast of $2.05. The consensus estimate for International Seaways’ current full-year earnings is $10.30 per share. B. Riley also issued estimates for International Seaways’ FY2024 earnings at $9.41 EPS and FY2025 earnings at $8.30 EPS.

Other equities analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft lifted their target price on International Seaways from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. StockNews.com upgraded International Seaways from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Finally, Stifel Nicolaus lifted their target price on International Seaways from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $63.75.

International Seaways Price Performance

NYSE INSW opened at $56.81 on Friday. The company has a market capitalization of $2.80 billion, a PE ratio of 5.31 and a beta of -0.06. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.72 and a current ratio of 2.73. The business’s fifty day moving average is $60.60 and its 200 day moving average is $54.95. International Seaways has a fifty-two week low of $35.51 and a fifty-two week high of $65.94.

International Seaways (NYSE:INSW) last released its earnings results on Wednesday, May 8th. The transportation company reported $2.92 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.54. The company had revenue of $274.40 million for the quarter, compared to the consensus estimate of $249.12 million. International Seaways had a return on equity of 29.74% and a net margin of 49.88%. International Seaways’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the business earned $3.30 earnings per share.

International Seaways Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Wednesday, June 12th were given a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 12.32%. This is an increase from International Seaways’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Wednesday, June 12th. International Seaways’s payout ratio is presently 4.49%.

Insider Activity

In other news, CAO James D. Small III sold 7,500 shares of International Seaways stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $55.20, for a total value of $414,000.00. Following the sale, the chief accounting officer now directly owns 55,138 shares of the company’s stock, valued at $3,043,617.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO James D. Small III sold 7,500 shares of International Seaways stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $55.20, for a total value of $414,000.00. Following the sale, the chief accounting officer now directly owns 55,138 shares of the company’s stock, valued at $3,043,617.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $54.87, for a total value of $54,870.00. Following the completion of the sale, the chief financial officer now directly owns 76,849 shares in the company, valued at $4,216,704.63. The disclosure for this sale can be found here. Insiders have sold 70,879 shares of company stock worth $4,342,023 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new stake in International Seaways during the fourth quarter worth approximately $4,137,000. GeoSphere Capital Management LLC bought a new stake in International Seaways during the fourth quarter worth approximately $2,501,000. BTG Pactual Global Asset Management Ltd bought a new stake in International Seaways during the fourth quarter worth approximately $709,000. Frontier Capital Management Co. LLC increased its stake in International Seaways by 20.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 810,675 shares of the transportation company’s stock worth $36,869,000 after acquiring an additional 139,569 shares during the last quarter. Finally, F M Investments LLC increased its stake in International Seaways by 26.8% during the fourth quarter. F M Investments LLC now owns 65,700 shares of the transportation company’s stock worth $2,988,000 after acquiring an additional 13,900 shares during the last quarter. 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.