International Seaways, Inc. (NYSE:INSW) Declares Quarterly Dividend of $1.32

International Seaways, Inc. (NYSE:INSW) announced a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Stockholders of record on Friday, December 13th will be paid a dividend of 1.32 per share by the transportation company on Friday, December 27th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 12.08%. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from International Seaways’s previous quarterly dividend of $0.12.

International Seaways has increased its dividend by an average of 26.0% per year over the last three years. International Seaways has a payout ratio of 5.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect International Seaways to earn $8.06 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 6.0%.

International Seaways Stock Down 0.4 %

International Seaways stock traded down $0.18 during midday trading on Friday, hitting $43.70. The stock had a trading volume of 23,822 shares, compared to its average volume of 576,066. The business has a fifty day moving average price of $49.18 and a 200 day moving average price of $54.37. International Seaways has a 12 month low of $42.08 and a 12 month high of $65.94. The stock has a market cap of $2.17 billion, a P/E ratio of 4.18 and a beta of -0.06. 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 (NYSE:INSW) last issued its quarterly earnings results on Thursday, November 7th. The transportation company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.15. International Seaways had a return on equity of 26.55% and a net margin of 50.70%. The business had revenue of $225.20 million during the quarter, compared to the consensus estimate of $208.75 million. During the same period in the previous year, the business earned $1.99 EPS. The business’s quarterly revenue was down 6.8% on a year-over-year basis. Research analysts predict that International Seaways will post 8.5 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on INSW. Jefferies Financial Group reaffirmed a “buy” rating and set a $66.00 price objective on shares of International Seaways in a research report on Thursday. StockNews.com downgraded International Seaways from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Fearnley Fonds upgraded 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 dropped their target price 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $62.67.

Insider Activity

In related news, SVP William F. Nugent sold 1,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $51.19, for a total value of $51,190.00. Following the completion of the transaction, the senior vice president now directly owns 53,803 shares of the company’s stock, valued at $2,754,175.57. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other International Seaways news, Director Alexandra Kate Blankenship sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $49.17, for a total transaction of $245,850.00. Following the transaction, the director now owns 16,109 shares of the company’s stock, valued at approximately $792,079.53. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William F. Nugent sold 1,000 shares of the business’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 sale, the senior vice president now owns 53,803 shares in the company, valued at $2,754,175.57. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,000 shares of company stock valued at $738,920. Insiders own 1.90% 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.