B. Riley Equities analysts cut earnings estimates for International Seaways, Inc. (NYSE:INSW)

International Seaways, Inc. (NYSE:INSW – Free Report) – Research analysts at B. Riley cut their Q3 2024 EPS estimates for shares of International Seaways in a research report issued to clients and investors on Wednesday, August 7th. B. Riley analyst L. Burke now forecasts that the transportation company will post earnings per share of $1.47 for the quarter, down from their prior estimate of $1.59. The consensus estimate for International Seaways’ current full-year earnings is $10.12 per share. B. Riley also issued estimates for International Seaways’ Q4 2024 earnings at $2.56 EPS.

International Seaways (NYSE:INSW – Get Free Report ) last issued its quarterly earnings data on Wednesday, August 7th. The transportation company reported $2.37 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.13). International Seaways had a return on equity of 29.74% and a net margin of 49.88%. The company had revenue of $257.40 million during the quarter, compared to analyst estimates of $256.13 million. In the same quarter last year, the company posted earnings of $3.12 per share. The company’s revenue was down 11.9% compared to the same quarter last year.

A number of other equities analysts have also issued reports on INSW. Deutsche Bank Aktiengesellschaft boosted their target price on International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Stifel Nicolaus raised their price objective on shares of International Seaways from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and set a $66.00 target price on shares of International Seaways in a research report on Wednesday. Finally, StockNews.com downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a research report on Thursday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Moderate Buy” and an average target price of $64.75, according to MarketBeat.

Read our latest report on INSW

International Seaways stocks fell 0.5%

Shares of INSW stock opened at $49.12 on Friday. International Seaways has a fifty-two week low of $40.11 and a fifty-two week high of $65.94. The company’s 50-day moving average price is $57.21 and its 200-day moving average price is $55.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.72, and a current ratio of 2.73. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 4.59 and a beta of -0.06.

Institutional investors intervene in international sea lanes

Hedge funds have recently bought and sold shares of the company. EdgeRock Capital LLC bought a new position in shares of International Seaways in the second quarter valued at about $28,000. EverSource Wealth Advisors LLC purchased a new stake in shares of International Seaways in the first quarter valued at about $27,000. Headlands Technologies LLC boosted its holdings in International Seaways by 173.4% in the first quarter. Headlands Technologies LLC now owns 905 shares of the transportation company’s stock worth $48,000 after acquiring an additional 574 shares during the period. CWM LLC boosted its stake in International Seaways by 47.9% in the second quarter. CWM LLC now owns 1,470 shares of the transportation company’s stock valued at $87,000 after buying an additional 476 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in shares of International Seaways in the 1st quarter worth $108,000. Institutional investors and hedge funds own 67.29% of the company’s shares.

Indoor activity

In other International Seaways news, SVP William F. Nugent sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $64.70, for a total transaction of $194,100.00. Following the completion of the sale, the senior vice president now directly owns 54,803 shares in the company, valued at $3,545,754.10. The transaction was disclosed in a legal filing with the SEC, which is available via this link. In other news, SVP Derek G. Solon sold 1,000 shares of International Seaways stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $64.90, for a total transaction of $64,900.00. Following the sale, the senior vice president now owns 47,887 shares in the company, valued at $3,107,866.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, SVP William F. Nugent sold 3,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $64.70, for a total transaction of $194,100.00. Following the completion of the transaction, the senior vice president now owns 54,803 shares of the company’s stock, valued at $3,545,754.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,167 shares of company stock worth $3,554,176. Corporate insiders own 1.90% of the company’s shares.

International Seaways cuts dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, September 11. This represents a dividend of $0.48 on an annualized basis and a dividend yield of 0.98%. International Seaways’s dividend payout ratio (DPR) is 4.49%.

About International Seaways

(Get a free report)

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in flagged international trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company had a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators and international government entities.

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