B. Riley Boosts Earnings Estimates for International Seaways

International Seaways, Inc. (NYSE:INSW) – Equities research analysts at B. Riley raised their FY2024 earnings per share estimates for International Seaways in a research report issued on Wednesday, January 15th. B. Riley analyst L. Burke now anticipates that the transportation company will earn $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.

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

International Seaways Trading Down 5.3 %

NYSE:INSW opened at $39.39 on Friday. The company has a 50 day simple moving average of $38.23 and a two-hundred day simple moving average of $46.84. The company has a market cap of $1.94 billion, a PE ratio of 3.81 and a beta of -0.10. The company has a current ratio of 3.60, a quick ratio of 3.60 and a debt-to-equity ratio of 0.32. International Seaways has a 12 month low of $32.11 and a 12 month high of $65.94.

International Seaways (NYSE:INSW) last announced its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 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 firm had revenue of $225.20 million during the quarter, compared to analyst estimates of $208.75 million. During the same period in the previous year, the business posted $1.99 earnings per share. The business’s revenue for the quarter was down 6.8% on a year-over-year basis.

Institutional Investors Weigh In On International Seaways

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in 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 acquiring an additional 305 shares during the last quarter. Franklin Resources Inc. increased its position in International Seaways by 0.8% during the third quarter. Franklin Resources Inc. now owns 47,891 shares of the transportation company’s stock valued at $2,428,000 after acquiring an additional 379 shares during the last quarter. KBC Group NV raised its position in International Seaways by 65.2% in the 3rd 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 period. Cynosure Group LLC raised its holdings in shares of International Seaways by 6.6% in the third quarter. Cynosure Group LLC now owns 7,171 shares of the transportation company’s stock worth $370,000 after buying an additional 447 shares during the period. Finally, Ensign Peak Advisors Inc boosted its holdings in International Seaways by 2.5% during the 2nd quarter. Ensign Peak Advisors Inc now owns 22,702 shares of the transportation company’s stock valued at $1,342,000 after acquiring an additional 550 shares during the period. 67.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other International Seaways news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $35.07, for a total value of $35,070.00. Following the completion of the sale, the senior vice president now owns 49,803 shares in the company, valued at approximately $1,746,591.21. This represents a 1.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lois K. Zabrocky sold 2,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $41.83, for a total value of $83,660.00. Following the completion of the transaction, the chief executive officer now owns 151,475 shares in the company, valued at $6,336,199.25. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,200 shares of company stock valued at $248,012. 1.90% of the stock is owned by corporate insiders.

International Seaways Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a $1.32 dividend. This is a boost from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, December 13th. This represents a $5.28 dividend on an annualized basis and a yield of 13.41%. International Seaways’s dividend payout ratio is presently 4.64%.

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.