B. Riley Forecasts Higher Earnings for International Seaways

International Seaways, Inc. (NYSE:INSW) – Equities researchers at B. Riley increased their FY2024 EPS estimates for International Seaways in a note issued to investors on Wednesday, January 15th. B. Riley analyst L. Burke now expects that the transportation company will post earnings of $8.04 per share for the year, up from their prior forecast of $7.16. The consensus estimate for International Seaways’ current full-year earnings is $7.92 per share. B. Riley also issued estimates for International Seaways’ Q4 2024 earnings at $0.36 EPS and FY2025 earnings at $4.18 EPS.

International Seaways (NYSE:INSW) last issued its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.15. International Seaways had a net margin of 50.91% and a return on equity of 24.65%. The business had revenue of $225.20 million during the quarter, compared to analyst estimates of $208.75 million. During the same quarter in the previous year, the firm earned $1.99 earnings per share. The business’s revenue was down 6.8% compared to the same quarter last year.

Several other analysts also recently issued reports on the company. Jefferies Financial Group cut their price target on International Seaways from $66.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a report on Friday, September 27th. Finally, Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and dropped their price target for the stock from $69.00 to $56.00 in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, International Seaways currently has an average rating of “Moderate Buy” and a consensus target price of $60.67.

International Seaways Trading Down 2.3 %

International Seaways stock opened at $38.48 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. The firm’s 50-day moving average is $38.14 and its 200-day moving average is $46.69. International Seaways has a 1 year low of $32.11 and a 1 year high of $65.94. The company has a market cap of $1.89 billion, a P/E ratio of 3.72 and a beta of -0.10.

International Seaways Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were paid a $1.32 dividend. This is a positive change from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date was Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a yield of 13.72%. International Seaways’s dividend payout ratio (DPR) is currently 4.64%.

Insider Activity

In related news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $43.05, for a total value of $43,050.00. Following the transaction, the senior vice president now directly owns 51,803 shares of the company’s stock, valued at approximately $2,230,119.15. This trade represents a 1.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $41.83, for a total transaction of $83,660.00. Following the sale, the chief executive officer now directly owns 151,475 shares of the company’s stock, valued at approximately $6,336,199.25. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,200 shares of company stock worth $248,012. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On International Seaways

A number of institutional investors and hedge funds have recently bought and sold shares of INSW. SG Americas Securities LLC acquired a new stake in shares of International Seaways during the 4th quarter worth approximately $735,000. Nisa Investment Advisors LLC raised its holdings in shares of International Seaways by 1,677.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 110,945 shares of the transportation company’s stock valued at $3,987,000 after buying an additional 104,704 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of International Seaways by 27.3% during the third quarter. Principal Financial Group Inc. now owns 28,583 shares of the transportation company’s stock worth $1,474,000 after purchasing an additional 6,121 shares in the last quarter. Franklin Resources Inc. lifted its holdings in International Seaways by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company’s stock worth $2,428,000 after buying an additional 379 shares in the last quarter. Finally, Hohimer Wealth Management LLC acquired a new position in shares of International Seaways during the third quarter valued at $240,000. Institutional investors own 67.29% 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.