Q3 EPS Estimate for International Seaways Reduced by Analyst

International Seaways, Inc. (NYSE:INSW) – B. Riley lowered their Q3 2024 earnings per share estimates for International Seaways in a research report issued on Thursday, October 24th. B. Riley analyst L. Burke now expects that the transportation company will post earnings per share of $1.35 for the quarter, down from their prior estimate of $1.47. The consensus estimate for International Seaways’ current full-year earnings is $9.31 per share.

Other equities analysts have also issued reports about the company. StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Jefferies Financial Group reissued a “buy” rating and issued a $66.00 price target on shares of International Seaways in a research note on Wednesday, August 7th. Stifel Nicolaus cut shares of International Seaways from a “buy” rating to a “hold” rating and cut their price objective for the company from $69.00 to $56.00 in a research note on Wednesday. Finally, Fearnley Fonds upgraded shares of International Seaways to a “strong-buy” rating in a research report on Friday, September 27th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, International Seaways has an average rating of “Moderate Buy” and an average target price of $62.67.

International Seaways Price Performance

Shares of NYSE:INSW opened at $45.44 on Friday. The firm’s 50 day moving average is $50.40 and its two-hundred day moving average is $54.90. The firm has a market capitalization of $2.26 billion, a P/E ratio of 4.33 and a beta of -0.08. The company has a current ratio of 3.89, a quick ratio of 3.87 and a debt-to-equity ratio of 0.35. International Seaways has a 52 week low of $42.08 and a 52 week high of $65.94.

International Seaways (NYSE:INSW) last released its quarterly earnings data on Wednesday, August 7th. The transportation company reported $2.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.13). The firm had revenue of $257.40 million during the quarter, compared to analyst estimates of $256.13 million. International Seaways had a return on equity of 26.55% and a net margin of 50.70%. The firm’s revenue was down 11.9% on a year-over-year basis. During the same period last year, the business earned $3.12 EPS.

International Seaways Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend was Wednesday, September 11th. International Seaways’s dividend payout ratio (DPR) is presently 4.57%.

Insider Transactions at International Seaways

In related news, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.17, for a total transaction of $245,850.00. Following the completion of the transaction, the director now owns 16,109 shares of the company’s stock, valued at $792,079.53. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other International Seaways news, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $49.22, for a total value of $98,440.00. Following the transaction, the chief executive officer now owns 153,475 shares of the company’s stock, valued at approximately $7,554,039.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.17, for a total value of $245,850.00. Following the sale, the director now directly owns 16,109 shares of the company’s stock, valued at approximately $792,079.53. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,000 shares of company stock valued at $751,840. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On International Seaways

Several hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its holdings in International Seaways by 57.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock worth $18,367,000 after buying an additional 147,740 shares during the period. Vanguard Group Inc. lifted its position in shares of International Seaways by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 3,700,058 shares of the transportation company’s stock valued at $168,279,000 after acquiring an additional 119,000 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in International Seaways in the 1st quarter worth approximately $203,000. Baker Ellis Asset Management LLC purchased a new position in International Seaways during the 1st quarter worth approximately $213,000. Finally, DMC Group LLC acquired a new stake in shares of International Seaways in the first quarter worth $224,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

International Seaways Company Profile

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.