International Seaways, Inc. (NYSE:INSW) Raises Dividend to $1.75 Per Share

International Seaways, Inc. (NYSE:INSW) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Wednesday, June 12th will be given a dividend of 1.75 per share by the transportation company on Wednesday, June 26th. This represents a $7.00 annualized dividend and a dividend yield of 11.31%. The ex-dividend date of this dividend is Wednesday, June 12th. This is a positive change from International Seaways’s previous quarterly dividend of $1.20.

International Seaways has raised its dividend payment by an average of 26.0% per year over the last three years. International Seaways has a payout ratio of 5.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect International Seaways to earn $8.13 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 5.9%.

International Seaways Stock Up 1.0 %

Shares of INSW stock traded up $0.61 during trading on Thursday, hitting $61.90. 1,156,618 shares of the company were exchanged, compared to its average volume of 560,477. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.37 and a current ratio of 2.38. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 5.55 and a beta of -0.05. The business’s 50-day simple moving average is $53.52 and its 200 day simple moving average is $50.41. International Seaways has a twelve month low of $34.77 and a twelve month high of $62.62.

International Seaways (NYSE:INSW) last released its quarterly earnings results on Wednesday, May 8th. The transportation company reported $2.92 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.54. International Seaways had a net margin of 51.92% and a return on equity of 32.03%. The company had revenue of $274.40 million for the quarter, compared to analyst estimates of $249.12 million. During the same quarter last year, the firm posted $3.30 earnings per share. The company’s quarterly revenue was down 4.4% compared to the same quarter last year. As a group, analysts forecast that International Seaways will post 9.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus raised their price objective on shares of International Seaways from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group reiterated a “buy” rating and set a $66.00 price target on shares of International Seaways in a research note on Thursday, February 29th. StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research note on Saturday, April 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.25.

Insider Activity

In related news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $53.09, for a total value of $53,090.00. Following the completion of the transaction, the chief financial officer now directly owns 82,161 shares of the company’s stock, valued at $4,361,927.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Jeffrey Pribor sold 1,000 shares of International Seaways stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $53.09, for a total value of $53,090.00. Following the completion of the transaction, the chief financial officer now directly owns 82,161 shares of the company’s stock, valued at $4,361,927.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lois K. Zabrocky sold 13,760 shares of International Seaways stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $52.87, for a total value of $727,491.20. Following the completion of the transaction, the chief executive officer now directly owns 148,942 shares of the company’s stock, valued at $7,874,563.54. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,846 shares of company stock worth $3,074,618. Corporate insiders own 2.00% 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.