B. Riley Comments on International Seaways, Inc.’s Q1 2024 Earnings (NYSE:INSW)

International Seaways, Inc. (NYSE:INSW) – Equities research analysts at B. Riley decreased their Q1 2024 earnings per share (EPS) estimates for International Seaways in a research report issued to clients and investors on Thursday, April 11th. B. Riley analyst L. Burke now forecasts that the transportation company will post earnings per share of $1.88 for the quarter, down from their previous forecast of $1.92. The consensus estimate for International Seaways’ current full-year earnings is $9.33 per share. B. Riley also issued estimates for International Seaways’ Q2 2024 earnings at $1.68 EPS, Q3 2024 earnings at $1.58 EPS, Q4 2024 earnings at $2.47 EPS and FY2025 earnings at $8.46 EPS.

A number of other equities analysts also recently commented on INSW. StockNews.com upgraded International Seaways from a “hold” rating to a “buy” rating in a research note on Saturday, April 6th. Jefferies Financial Group reiterated a “buy” rating and issued a $66.00 price target on shares of International Seaways in a research note on Thursday, February 29th.

International Seaways Stock Up 0.1 %

NYSE:INSW opened at $52.47 on Monday. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of 4.66 and a beta of -0.05. International Seaways has a one year low of $34.77 and a one year high of $55.59. The stock has a 50-day simple moving average of $52.58 and a 200 day simple moving average of $49.25. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.37 and a current ratio of 2.38.

International Seaways (NYSE:INSW) last announced its earnings results on Thursday, February 29th. The transportation company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.10. The company had revenue of $250.73 million during the quarter, compared to the consensus estimate of $239.36 million. International Seaways had a return on equity of 32.03% and a net margin of 51.92%.

International Seaways Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a dividend of $1.20 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $4.80 annualized dividend and a yield of 9.15%. International Seaways’s payout ratio is 4.27%.

Insider Buying and Selling

In related news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $54.23, for a total transaction of $54,230.00. Following the sale, the chief financial officer now owns 75,927 shares of the company’s stock, valued at $4,117,521.21. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other International Seaways news, Director Douglas D. Wheat sold 3,846 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $51.22, for a total value of $196,992.12. Following the transaction, the director now owns 26,056 shares of the company’s stock, valued at $1,334,588.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey Pribor sold 1,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $54.23, for a total value of $54,230.00. Following the completion of the transaction, the chief financial officer now directly owns 75,927 shares in the company, valued at approximately $4,117,521.21. The disclosure for this sale can be found here. Insiders have sold a total of 58,846 shares of company stock valued at $3,073,978 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of International Seaways

Several large investors have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new stake in International Seaways during the 1st quarter valued at $203,000. Vanguard Group Inc. increased its stake 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 worth $168,279,000 after acquiring an additional 119,000 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of 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 acquiring an additional 147,740 shares during the last quarter. Cim LLC acquired a new position in shares of International Seaways in the fourth quarter worth $192,000. Finally, Mercer Global Advisors Inc. ADV increased its stake in shares of International Seaways by 29.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 7,598 shares of the transportation company’s stock worth $346,000 after acquiring an additional 1,725 shares during the last quarter. 67.29% of the stock is owned by institutional investors and hedge funds.

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.