TORM plc (NASDAQ:TRMD) Announces $0.60 Quarterly Dividend

TORM plc (NASDAQ:TRMD) announced a quarterly dividend on Thursday, March 6th, Wall Street Journal reports. Investors of record on Thursday, March 20th will be given 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 dividend 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. Equities research 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 Trading Down 1.7 %

TRMD opened at $19.06 on Friday. The stock has a market capitalization of $1.79 billion, a PE ratio of 2.47 and a beta of 0.14. The firm’s fifty day moving average price is $19.80 and its 200 day moving average price is $25.11. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.47 and a quick ratio of 2.24. TORM has a 12-month low of $16.76 and a 12-month high of $40.47.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group cut their price target on shares of TORM from $37.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, November 14th.

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.