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

TORM plc (NASDAQ:TRMD) declared a quarterly dividend on Thursday, March 6th, Wall Street Journal reports. Shareholders 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 of this dividend is Thursday, March 20th.

TORM has a payout ratio of 137.1% meaning 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 Stock Down 1.7 %

Shares of TORM stock traded down $0.33 during trading hours on Friday, reaching $19.06. 1,137,163 shares of the company were exchanged, compared to its average volume of 1,179,459. The firm has a market cap of $1.79 billion, a PE ratio of 2.47 and a beta of 0.14. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.24 and a current ratio of 2.47. TORM has a 1 year low of $16.76 and a 1 year high of $40.47. The stock’s fifty day moving average is $19.81 and its 200 day moving average is $25.24.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group cut their price target on TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a report 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.