TORM plc (NASDAQ:TRMD) Plans Quarterly Dividend of $1.80

TORM plc (NASDAQ:TRMD) declared a quarterly dividend on Thursday, August 15th, Wall Street Journal reports. Investors of record on Thursday, August 29th will be given a dividend of 1.80 per share on Wednesday, September 11th. This represents a $7.20 dividend on an annualized basis and a yield of 18.66%. The ex-dividend date of this dividend is Thursday, August 29th. This is a positive change from TORM’s previous quarterly dividend of $1.50.

TORM has raised its dividend payment by an average of 102.0% annually over the last three years. TORM has a dividend payout ratio of 105.1% 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 $5.01 per share next year, which means the company may not be able to cover its $7.20 annual dividend with an expected future payout ratio of 143.7%.

TORM Trading Up 0.7 %

TORM stock opened at $38.58 on Tuesday. TORM has a 52 week low of $24.11 and a 52 week high of $40.47. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.94 and a current ratio of 3.18. The stock has a market capitalization of $3.14 billion, a P/E ratio of 4.87 and a beta of 0.27. The stock has a 50-day simple moving average of $37.60 and a 200 day simple moving average of $35.90.

TORM (NASDAQ:TRMD) last issued its quarterly earnings data on Thursday, August 15th. The company reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.03. The firm had revenue of $437.70 million during the quarter, compared to the consensus estimate of $325.38 million. TORM had a net margin of 43.81% and a return on equity of 37.63%. During the same period last year, the business posted $2.14 earnings per share. Analysts expect that TORM will post 7.1 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Evercore ISI raised their price objective 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.