Equities Analysts Issue Forecasts for INSW Q3 Earnings

International Seaways, Inc. (NYSE:INSW) – Analysts at B. Riley cut their Q3 2024 earnings per share (EPS) estimates for International Seaways in a note issued to investors 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 forecast of $1.47. The consensus estimate for International Seaways’ current full-year earnings is $9.31 per share.

Several other research firms have also commented on INSW. Jefferies Financial Group reiterated a “buy” rating and set a $66.00 price objective on shares of International Seaways in a research report on Wednesday, August 7th. StockNews.com lowered International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Fearnley Fonds raised International Seaways to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Stifel Nicolaus lowered International Seaways from a “buy” rating to a “hold” rating and lowered their price objective for the company from $69.00 to $56.00 in a research note on Wednesday. Two investment 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.67.

International Seaways Trading Up 1.0 %

INSW stock opened at $45.44 on Friday. The firm has a fifty day moving average price of $50.40 and a 200 day moving average price of $54.93. International Seaways has a fifty-two week low of $42.08 and a fifty-two week high of $65.94. The firm has a market cap of $2.26 billion, a PE ratio of 4.33 and a beta of -0.08. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.87 and a current ratio of 3.89.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Wednesday, August 7th. The transportation company reported $2.37 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.13). The firm had revenue of $257.40 million for the quarter, compared to analysts’ expectations of $256.13 million. International Seaways had a net margin of 50.70% and a return on equity of 26.55%. The business’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same quarter in the prior 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. Investors of record on Wednesday, September 11th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, September 11th. This represents a $0.48 annualized dividend and a yield of 1.06%. International Seaways’s payout ratio is 4.57%.

Insider Buying and Selling

In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $792,079.53. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Alexandra Kate Blankenship sold 5,000 shares of International Seaways stock in a transaction on 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 sale, the director now directly owns 16,109 shares in the company, valued at approximately $792,079.53. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William F. Nugent sold 1,000 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $51.19, for a total transaction of $51,190.00. Following the completion of the transaction, the senior vice president now owns 53,803 shares in the company, valued at approximately $2,754,175.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,000 shares of company stock valued at $751,840 in the last ninety days. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On International Seaways

A number of institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. grew its stake in International Seaways by 57.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 403,848 shares of the transportation company’s stock worth $18,367,000 after purchasing an additional 147,740 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of International Seaways by 3.3% in the fourth 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 purchased a new stake in International Seaways in the first quarter worth about $203,000. Baker Ellis Asset Management LLC bought a new position in International Seaways during the 1st quarter worth about $213,000. Finally, DMC Group LLC bought a new position in International Seaways during the 1st quarter worth about $224,000. 67.29% of the stock is owned by hedge funds and other institutional investors.

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.