TORM (NASDAQ:TRMD) Issues Quarterly Earnings Results

TORM (NASDAQ:TRMD) announced its quarterly earnings data on Thursday. The company reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.03, Zacks reports. The company had revenue of $437.70 million during the quarter, compared to the consensus estimate of $325.38 million. TORM had a return on equity of 39.79% and a net margin of 44.74%. During the same quarter last year, the company earned $2.14 EPS.

TORM Trading Down 1.1 %

NASDAQ:TRMD traded down $0.40 during trading hours on Friday, hitting $37.27. 945,765 shares of the stock were exchanged, compared to its average volume of 477,693. The company has a market capitalization of $3.04 billion, a P/E ratio of 4.71 and a beta of 0.27. The company has a quick ratio of 2.37, a current ratio of 2.60 and a debt-to-equity ratio of 0.53. The company’s 50 day moving average is $37.34 and its two-hundred day moving average is $35.77. TORM has a twelve month low of $24.11 and a twelve month high of $40.47.

TORM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Thursday, August 29th will be given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 19.32%. This is a positive change from TORM’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Thursday, August 29th. TORM’s dividend payout ratio is presently 55.30%.

Wall Street Analyst Weigh In

Separately, Evercore ISI increased their price target on shares of TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd.

About TORM

TORM plc, a shipping company, owns and operates a fleet of product tankers in the United Kingdom. It operates in two operating segments, Tanker and Marine Exhaust. The Tanker segment transports refined oil products, such as gasoline, jet fuel, kerosene, naphtha, and gas oil, as well as dirty petroleum products, including fuel oil.