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

Key Points

• Quarterly dividend of $0.12 declared, payable June 26 to shareholders of record June 12, implying a $0.48 annual dividend and roughly a 0.5% yield.
• Quarterly results beat expectations: EPS $3.90 vs. $2.68 expected and revenue $325.5M (up 77.5% YoY); the stock rose about 5.1% to $90.18 on heavy volume following the report.
• The dividend appears well-covered with a payout ratio of 8.3%, analysts have a consensus "Moderate Buy" stance with an average target of $81 and forecasted FY EPS around $9.73.

International Seaways Inc. (NYSE:INSW - Get Free Report) declared a quarterly dividend on Wednesday, May 6th. Shareholders of record on Friday, June 12th will be paid a dividend of 0.12 per share by the transportation company on Friday, June 26th. This represents a c) annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Friday, June 12th.

International Seaways has increased its dividend by an average of 0.6%annually over the last three years. International Seaways has a payout ratio of 8.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect International Seaways to earn $5.81 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 8.3%.

International Seaways Stock Up 5.1%

INSW stock traded up $4.41 during midday trading on Thursday, reaching $90.18. 1,224,307 shares of the company were exchanged, compared to its average volume of 590,612. The company has a market cap of $4.46 billion, a price-to-earnings ratio of 14.47 and a beta of -0.09. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.71 and a current ratio of 3.71. International Seaways has a 1-year low of $35.60 and a 1-year high of $91.58. The stock's 50-day simple moving average is $74.28 and its 200 day simple moving average is $60.97.

International Seaways (NYSE:INSW - Get Free Report) last issued its earnings results on Thursday, May 7th. The transportation company reported $3.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $1.22. International Seaways had a net margin of 36.67% and a return on equity of 13.92%. The business had revenue of $325.48 million during the quarter, compared to analysts' expectations of $279.34 million. During the same quarter in the prior year, the business posted $0.80 EPS. The company's revenue for the quarter was up 77.5% on a year-over-year basis. On average, equities analysts forecast that International Seaways will post 9.73 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on INSW shares. Wall Street Zen raised International Seaways from a "buy" rating to a "strong-buy" rating in a report on Monday, April 13th. Weiss Ratings cut shares of International Seaways from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, April 7th. BTIG Research upped their target price on shares of International Seaways from $80.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Jefferies Financial Group started coverage on International Seaways in a research report on Friday, April 24th. They issued a "buy" rating and a $90.00 price target on the stock. Finally, Pareto Securities upgraded International Seaways from a "hold" rating to a "buy" rating and set a $64.00 target price on the stock in a research note on Tuesday, January 20th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $81.00.

International Seaways Company Profile

International Seaways, Inc NYSE: INSW is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time­ charter and voyage­ charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes.

Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.