International Seaways (NYSE:INSW) Issues Quarterly Earnings Results

International Seaways (NYSE:INSW) posted its quarterly earnings data on Thursday. The transportation company reported $1.15 EPS for the quarter, beating the consensus estimate of $0.91 by $0.24, Zacks reports. International Seaways had a return on equity of 11.35% and a net margin of 29.88%.The firm had revenue of $196.39 million during the quarter, compared to the consensus estimate of $180.92 million. During the same period in the prior year, the business earned $1.57 EPS. The firm’s revenue was down 12.8% compared to the same quarter last year.

International Seaways Price Performance

Shares of NYSE:INSW traded up $0.87 during trading on Friday, hitting $53.24. 593,337 shares of the stock were exchanged, compared to its average volume of 698,801. The company has a market cap of $2.63 billion, a PE ratio of 11.07 and a beta of -0.02. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average price of $47.29 and a two-hundred day moving average price of $41.97. International Seaways has a 12-month low of $27.20 and a 12-month high of $53.90.

International Seaways Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 23rd. Stockholders of record on Tuesday, December 9th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, December 9th. International Seaways’s dividend payout ratio (DPR) is presently 9.98%.

Insider Transactions at International Seaways

In other news, CAO James D. Small III sold 5,000 shares of International Seaways stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $41.35, for a total transaction of $206,750.00. Following the completion of the transaction, the chief accounting officer owned 69,292 shares of the company’s stock, valued at $2,865,224.20. The trade was a 6.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $49.08, for a total transaction of $98,160.00. Following the completion of the sale, the chief executive officer owned 188,771 shares in the company, valued at $9,264,880.68. This represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 17,000 shares of company stock valued at $737,320. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On International Seaways

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INSW. AQR Capital Management LLC lifted its holdings in shares of International Seaways by 46.4% in the second quarter. AQR Capital Management LLC now owns 306,160 shares of the transportation company’s stock valued at $11,169,000 after purchasing an additional 97,081 shares in the last quarter. Frontier Capital Management Co. LLC raised its position in shares of International Seaways by 105.2% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 270,386 shares of the transportation company’s stock worth $9,864,000 after purchasing an additional 138,625 shares during the last quarter. Invesco Ltd. lifted its stake in International Seaways by 17.0% in the 2nd quarter. Invesco Ltd. now owns 261,109 shares of the transportation company’s stock valued at $9,525,000 after buying an additional 37,957 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in International Seaways by 6.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 163,169 shares of the transportation company’s stock valued at $5,952,000 after buying an additional 9,166 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in International Seaways by 16.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 128,428 shares of the transportation company’s stock valued at $4,264,000 after buying an additional 18,509 shares during the last quarter. Institutional investors and hedge funds own 67.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of International Seaways in a report on Wednesday, October 8th. BTIG Research lowered their price objective on shares of International Seaways from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.67.

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.