TORM plc Declares Quarterly Dividend of $0.60 (NASDAQ:TRMD)

TORM plc (NASDAQ:TRMD) declared a quarterly dividend on Friday, March 7th, Wall Street Journal reports. Investors of record on Thursday, March 20th will be paid a dividend of 0.60 per share on Wednesday, April 2nd. This represents a $2.40 annualized dividend and a yield of 12.59%. The ex-dividend date is Thursday, March 20th.

TORM has a payout ratio of 137.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect TORM to earn $3.58 per share next year, which means the company may not be able to cover its $4.80 annual dividend with an expected future payout ratio of 134.1%.

TORM Price Performance

Shares of NASDAQ:TRMD traded down $0.33 during trading on Friday, hitting $19.06. 1,128,253 shares of the company were exchanged, compared to its average volume of 1,179,256. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. TORM has a 1-year low of $16.76 and a 1-year high of $40.47. The company has a market capitalization of $1.79 billion, a P/E ratio of 2.47 and a beta of 0.14. The business’s 50 day moving average is $19.81 and its 200-day moving average is $25.24.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group lowered their price objective on TORM from $37.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, November 14th.

TORM Company Profile

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.