Torm Plc (NASDAQ:TRMD) Shareholders to Get $1.35 Quarterly Dividend

Torm Plc (NASDAQ:TRMD) announced a quarterly dividend on Wednesday, November 4th. Stockholders of record on Tuesday, November 17th will be paid a dividend of $1.35 per share on Wednesday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 14.3%. The ex-dividend date of this dividend is Tuesday, November 17th. This is a 43.7% decrease from Torm’s previous quarterly dividend of $2.40.

Torm has raised its dividend payment by an average of 0.1% annually over the last three years. Torm has a dividend payout ratio of 269.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Torm Stock Down 6.5%

Shares of TRMD opened at $37.64 on Thursday. The firm has a fifty day moving average price of $37.33 and a 200-day moving average price of $30.82. The company has a current ratio of 2.27, a quick ratio of 1.97 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $3.84 billion, a P/E ratio of 6.63 and a beta of 0.05. Torm has a 12-month low of $19.30 and a 12-month high of $43.31.

Torm (NASDAQ:TRMD) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.55 by $0.36. The company had revenue of $499.40 million for the quarter, compared to the consensus estimate of $330.95 million. Torm had a net margin of 35.51% and a return on equity of 27.24%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Weiss Ratings raised shares of Torm from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Evercore reaffirmed an “outperform” rating on shares of Torm in a research report on Tuesday, October 27th. Finally, Wall Street Zen raised shares of Torm from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $38.00.

About Torm

TORM plc is a maritime transportation company that owns and operates a fleet of product tankers. The company primarily transports refined petroleum products, including gasoline, diesel, jet fuel and naphtha, connecting refineries, storage facilities and distribution markets around the world.

TORM’s fleet serves the global clean-product tanker market and includes vessels in several size categories, such as long-range and medium-range tankers. Its vessels operate on international trade routes, supporting the movement of energy products between major production and consumption regions.

Founded in Denmark in 1889, TORM has grown into an international shipping company headquartered in Copenhagen.