International Seaways, Inc. Declares Quarterly Dividend of $0.12 (NYSE:INSW)

International Seaways, Inc. (NYSE:INSW) announced a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.12 per share by the transportation company on Friday, March 28th. This represents a $0.48 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Friday, March 14th.

International Seaways has increased its dividend payment by an average of 26.0% per year over the last three years. International Seaways has a payout ratio of 6.5% meaning its dividend is sufficiently covered by earnings. Analysts expect International Seaways to earn $4.65 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 10.3%.

International Seaways Trading Down 1.4 %

Shares of INSW stock traded down $0.47 on Friday, hitting $33.29. The company had a trading volume of 1,116,395 shares, compared to its average volume of 668,916. The firm has a market cap of $1.64 billion, a P/E ratio of 3.22 and a beta of -0.11. The stock’s 50-day moving average is $37.70 and its two-hundred day moving average is $43.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.60 and a current ratio of 3.60. International Seaways has a twelve month low of $32.11 and a twelve month high of $65.94.

Insiders Place Their Bets

In other news, SVP William F. Nugent sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $35.07, for a total value of $35,070.00. Following the transaction, the senior vice president now owns 49,803 shares in the company, valued at $1,746,591.21. This trade represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on INSW. Jefferies Financial Group reissued a “buy” rating and issued a $58.00 price target on shares of International Seaways in a research note on Thursday. SEB Equity Research set a $50.00 target price on International Seaways in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, International Seaways has an average rating of “Moderate Buy” and a consensus target price of $57.50.

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.