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

TORM plc (NASDAQ:TRMD) declared a quarterly dividend on Friday, March 7th, 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 dividend on an annualized basis and a dividend yield of 12.59%. The ex-dividend date 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. 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 Stock Down 1.7 %

NASDAQ:TRMD traded down $0.33 during trading hours on Friday, reaching $19.06. The company had a trading volume of 1,128,253 shares, compared to its average volume of 1,179,256. TORM has a twelve month low of $16.76 and a twelve month high of $40.47. The company has a quick ratio of 2.24, a current ratio of 2.47 and a debt-to-equity ratio of 0.51. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 2.47 and a beta of 0.14. The business’s 50-day simple moving average is $19.81 and its two-hundred day simple moving average is $25.24.

Wall Street Analyst Weigh In

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