International Seaways, Inc. (NYSE:INSW) to Issue $0.12 Quarterly Dividend

International Seaways, Inc. (NYSE:INSW) announced a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Investors of record on Friday, March 14th will be given a dividend of 0.12 per share by the transportation company on Friday, March 28th. This represents a $0.48 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Friday, March 14th.

International Seaways has raised its dividend payment by an average of 26.0% annually over the last three years. International Seaways has a dividend payout ratio of 6.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect International Seaways to earn $4.65 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 10.3%.

International Seaways Stock Performance

INSW stock traded down $0.47 during midday trading on Friday, reaching $33.29. 1,116,313 shares of the company were exchanged, compared to its average volume of 668,915. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 3.22 and a beta of -0.11. The business has a 50-day moving average price of $37.70 and a two-hundred day moving average price of $43.17. International Seaways has a one year low of $32.11 and a one year high of $65.94. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.60 and a quick ratio of 3.60.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on INSW. Jefferies Financial Group reissued a “buy” rating and issued a $58.00 price target on shares of International Seaways in a report on Thursday. SEB Equity Research set a $50.00 price target on International Seaways in a report on Friday, January 24th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.50.

Insider Activity

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $39.10, for a total value of $39,100.00. Following the transaction, the senior vice president now directly owns 48,803 shares of the company’s stock, valued at $1,908,197.30. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.90% of the company’s stock.

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.