FY2023 Earnings Forecast for International Seaways, Inc. Issued By Jefferies Financial Group (NYSE:INSW)

International Seaways, Inc. (NYSE:INSWGet Rating) – Jefferies Financial Group cut their FY2023 earnings per share (EPS) estimates for International Seaways in a report issued on Tuesday, November 8th. Jefferies Financial Group analyst O. Nokta now expects that the transportation company will post earnings per share of $8.45 for the year, down from their prior estimate of $8.77. Jefferies Financial Group has a “Buy” rating and a $53.00 price target on the stock. The consensus estimate for International Seaways’ current full-year earnings is $6.40 per share. Jefferies Financial Group also issued estimates for International Seaways’ FY2024 earnings at $9.73 EPS.

International Seaways (NYSE:INSWGet Rating) last announced its quarterly earnings data on Tuesday, August 9th. The transportation company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.21. International Seaways had a negative return on equity of 0.07% and a negative net margin of 9.66%. The firm had revenue of $188.20 million for the quarter, compared to the consensus estimate of $176.49 million.

INSW has been the subject of a number of other reports. BTIG Research lifted their price objective on International Seaways from $30.00 to $50.00 in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price objective on International Seaways from $40.00 to $50.00 in a research note on Thursday, October 27th. Stifel Nicolaus lifted their price objective on International Seaways from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 14th. B. Riley lifted their target price on International Seaways from $50.00 to $60.00 in a report on Wednesday. Finally, TheStreet upgraded International Seaways from a “c” rating to a “b-” rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, International Seaways currently has a consensus rating of “Moderate Buy” and an average price target of $50.60.

International Seaways Stock Performance

Shares of International Seaways stock opened at $44.04 on Thursday. The business’s 50 day moving average price is $37.14 and its 200 day moving average price is $28.33. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.08 and a current ratio of 2.08. The company has a market cap of $2.19 billion and a price-to-earnings ratio of 16.19. International Seaways has a one year low of $13.05 and a one year high of $48.12.

International Seaways Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 22nd. Shareholders of record on Thursday, December 8th will be issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 10.17%. This is an increase from International Seaways’s previous quarterly dividend of $0.12. The ex-dividend date is Wednesday, December 7th. International Seaways’s payout ratio is 17.65%.

Insiders Place Their Bets

In other news, Director Craig H. Stevenson, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, October 21st. The stock was sold at an average price of $40.01, for a total value of $2,000,500.00. Following the completion of the sale, the director now directly owns 119,995 shares of the company’s stock, valued at approximately $4,800,999.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $42.71, for a total value of $42,710.00. Following the transaction, the chief financial officer now owns 45,348 shares in the company, valued at approximately $1,936,813.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Craig H. Stevenson, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, October 21st. The shares were sold at an average price of $40.01, for a total value of $2,000,500.00. Following the completion of the transaction, the director now owns 119,995 shares in the company, valued at approximately $4,800,999.95. The disclosure for this sale can be found here. Insiders sold 87,499 shares of company stock valued at $3,200,662 in the last ninety days. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On International Seaways

Several institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. increased its position in International Seaways by 2.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 13,121 shares of the transportation company’s stock valued at $461,000 after acquiring an additional 339 shares during the period. Legal & General Group Plc increased its position in International Seaways by 3.8% during the 2nd quarter. Legal & General Group Plc now owns 13,483 shares of the transportation company’s stock worth $286,000 after purchasing an additional 498 shares during the period. UBS Group AG increased its position 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 purchasing an additional 985 shares during the period. Hancock Whitney Corp increased its position in International Seaways by 4.8% during the 1st quarter. Hancock Whitney Corp now owns 21,588 shares of the transportation company’s stock worth $389,000 after purchasing an additional 988 shares during the period. Finally, Invesco Ltd. increased its position in International Seaways by 1.3% during the 1st quarter. Invesco Ltd. now owns 117,560 shares of the transportation company’s stock worth $2,120,000 after purchasing an additional 1,524 shares during the period. Institutional investors and hedge funds own 85.79% of the company’s stock.

About International Seaways

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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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Earnings History and Estimates for International Seaways (NYSE:INSW)

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