International Seaways, Inc. (NYSE:INSW) Announces Dividend Increase – $0.12 Per Share

Posted by on Jun 9th, 2022

International Seaways, Inc. (NYSE:INSW – Get Rating) announced a quarterly dividend on Tuesday, June 7th, Zacks reports. Investors of record on Friday, June 17th will be paid a dividend of 0.12 per share by the transportation company on Wednesday, June 29th. This represents a $0.48 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Thursday, June 16th. This is an increase from International Seaways’s previous quarterly dividend of $0.06.

International Seaways has a dividend payout ratio of 5.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect International Seaways to earn $3.01 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 8.0%.

Shares of NYSE INSW opened at $24.70 on Thursday. International Seaways has a 12-month low of $13.05 and a 12-month high of $24.99. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average of $21.99 and a 200 day moving average of $17.96.

International Seaways (NYSE:INSW – Get Rating) last posted its earnings results on Wednesday, May 4th. The transportation company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.16. International Seaways had a negative net margin of 40.68% and a negative return on equity of 7.65%. During the same period last year, the business posted ($0.48) EPS. As a group, research analysts forecast that International Seaways will post 2.71 earnings per share for the current fiscal year.

In related news, major shareholder Finance Ltd Famatown acquired 100,000 shares of the firm’s stock in a transaction dated Wednesday, May 4th. The shares were purchased at an average cost of $21.71 per share, for a total transaction of $2,171,000.00. Following the acquisition, the insider now owns 8,266,856 shares in the company, valued at approximately $179,473,443.76. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. UBS Group AG lifted its holdings in International Seaways by 2.1% during the 1st quarter. UBS Group AG now owns 48,631 shares of the transportation company’s stock worth $878,000 after buying an additional 985 shares in the last quarter. California State Teachers Retirement System grew its position in shares of International Seaways by 2.0% in the 4th quarter. California State Teachers Retirement System now owns 56,953 shares of the transportation company’s stock valued at $836,000 after buying an additional 1,110 shares during the last quarter. LPL Financial LLC grew its position in shares of International Seaways by 3.7% in the 3rd quarter. LPL Financial LLC now owns 30,868 shares of the transportation company’s stock valued at $562,000 after buying an additional 1,111 shares during the last quarter. Invesco Ltd. grew its position in shares of International Seaways by 1.3% in the 1st quarter. Invesco Ltd. now owns 117,560 shares of the transportation company’s stock valued at $2,120,000 after buying an additional 1,524 shares during the last quarter. Finally, Credit Suisse AG grew its position in shares of International Seaways by 10.7% in the 4th quarter. Credit Suisse AG now owns 28,472 shares of the transportation company’s stock valued at $418,000 after buying an additional 2,745 shares during the last quarter. Institutional investors own 78.00% of the company’s stock.

Several research firms have weighed in on INSW. StockNews.com upgraded shares of International Seaways to a “sell” rating in a report on Friday, April 29th. Jefferies Financial Group began coverage on shares of International Seaways in a report on Wednesday, April 27th. They issued a “buy” rating and a $27.00 price objective on the stock. Finally, Zacks Investment Research lowered shares of International Seaways from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 10th.

International Seaways Company Profile (Get Rating)

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, 2021, the company owned and operated a fleet of 83 vessels, which include 12 chartered-in vessels, as well as had ownership interests in two floating storage and offloading service vessels.

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Dividend History for International Seaways (NYSE:INSW)

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