Torm (NASDAQ:TRMD) Announces Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Torm (NASDAQ:TRMD) issued its quarterly earnings results on Wednesday. The company reported $3.25 earnings per share for the quarter, missing analysts’ consensus estimates of $3.31 by ($0.06), FiscalAI reports. The business had revenue of $662.80 million for the quarter, compared to analyst estimates of $499.01 million. Torm had a return on equity of 15.81% and a net margin of 24.45%.

Torm Stock Performance

NASDAQ TRMD opened at $31.47 on Wednesday. The business has a 50 day moving average price of $29.26 and a 200 day moving average price of $29.13. The company has a market capitalization of $3.21 billion, a P/E ratio of 9.26 and a beta of 0.09. Torm has a 1-year low of $19.30 and a 1-year high of $35.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.40 and a quick ratio of 1.20.

Analyst Upgrades and Downgrades

TRMD has been the topic of several recent research reports. Wall Street Zen cut Torm from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 9th. Weiss Ratings restated a “hold (c)” rating on shares of Torm in a research note on Wednesday, July 15th. Evercore reaffirmed an “outperform” rating and set a $37.00 price objective on shares of Torm in a report on Wednesday, July 22nd. Finally, Pareto Securities cut Torm from a “hold” rating to a “hold” rating in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Institutional Trading of Torm

Several large investors have recently bought and sold shares of TRMD. Quarry LP purchased a new position in shares of Torm in the third quarter valued at $35,000. Tower Research Capital LLC TRC acquired a new stake in Torm in the 2nd quarter valued at about $46,000. Wexford Capital LP acquired a new stake in Torm in the 3rd quarter valued at about $120,000. Invesco Ltd. purchased a new position in Torm during the 2nd quarter valued at about $190,000. Finally, Virtus Advisers LLC increased its holdings in Torm by 356.4% during the 4th quarter. Virtus Advisers LLC now owns 9,858 shares of the company’s stock valued at $193,000 after acquiring an additional 7,698 shares in the last quarter. Institutional investors and hedge funds own 73.89% of the company’s stock.

About Torm

Torm A/S (NASDAQ: TRMD) is an international shipping company specializing in the transportation of refined petroleum products. The firm owns and operates a modern fleet of product tankers, including both Handysize and MR vessels, which are designed to carry a broad range of clean petroleum cargoes such as gasoline, jet fuel and diesel. Torm’s core business revolves around voyage and time-charter contracts with major oil companies, trading houses and other energy sector clients around the world.

The company’s fleet is deployed on global trade routes, with particular focus on major refining and consumption regions in Europe, North America and Asia.