International Seaways, Inc. (NYSE:INSW) Announces Quarterly Dividend of $1.75

International Seaways, Inc. (NYSE:INSWGet Free Report) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders 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 11.29%. The ex-dividend date is Wednesday, June 12th. This is an increase from International Seaways’s previous quarterly dividend of $1.20.

International Seaways has increased its dividend payment by an average of 26.0% per year over the last three years and has increased its dividend every year for the last 3 years. International Seaways has a payout ratio of 5.6% meaning its dividend is sufficiently covered by earnings. Analysts expect International Seaways to earn $8.27 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 5.8%.

International Seaways Stock Performance

International Seaways stock opened at $62.01 on Tuesday. The firm has a 50 day simple moving average of $58.40 and a 200-day simple moving average of $52.98. International Seaways has a 1-year low of $34.77 and a 1-year high of $65.94. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.73 and a quick ratio of 2.72. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 5.80 and a beta of -0.04.

International Seaways (NYSE:INSWGet Free Report) last issued its quarterly earnings data on Wednesday, May 8th. The transportation company reported $2.92 EPS for the quarter, topping the consensus estimate of $2.38 by $0.54. The firm had revenue of $274.40 million for the quarter, compared to analyst estimates of $249.12 million. International Seaways had a net margin of 49.88% and a return on equity of 29.74%. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.30 EPS. On average, analysts expect that International Seaways will post 10.07 EPS for the current year.

Insider Activity

In other news, Director Douglas D. Wheat sold 3,846 shares of International Seaways stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $51.22, for a total value of $196,992.12. Following the sale, the director now owns 26,056 shares of the company’s stock, valued at $1,334,588.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $53.39, for a total transaction of $53,390.00. Following the sale, the chief financial officer now owns 69,010 shares of the company’s stock, valued at $3,684,443.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Douglas D. Wheat sold 3,846 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $51.22, for a total transaction of $196,992.12. Following the completion of the sale, the director now directly owns 26,056 shares in the company, valued at approximately $1,334,588.32. The disclosure for this sale can be found here. Insiders have sold a total of 43,693 shares of company stock valued at $2,498,529 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of International Seaways from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. StockNews.com upgraded shares of International Seaways from a “hold” rating to a “buy” rating in a report on Thursday, May 9th. Stifel Nicolaus raised their price objective on shares of International Seaways from $64.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $66.00 price objective on shares of International Seaways in a report on Thursday, February 29th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $63.25.

Read Our Latest Research Report on INSW

International Seaways Company Profile

(Get Free Report)

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.

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Dividend History for International Seaways (NYSE:INSW)

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