Torm (NASDAQ:TRMD) Releases Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Key Points

• Torm reported quarterly EPS of $3.25, missing analysts’ consensus estimate of $3.31 by $0.06. Revenue reached $662.80 million, significantly above the $499.01 million estimate, while net margin was 24.45%.
• Torm shares opened at $31.47 and were down 0.5%, with a market capitalization of approximately $3.21 billion. The stock has traded between $19.30 and $35.33 over the past year.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $37.00, while institutional investors own 73.89% of the company’s shares.

Torm (NASDAQ:TRMD - Get Free Report) issued its quarterly earnings data 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. Torm had a net margin of 24.45% and a return on equity of 15.81%. The firm had revenue of $662.80 million during the quarter, compared to analyst estimates of $499.01 million.

Torm Stock Down 0.5%

Shares of Torm stock opened at $31.47 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.40 and a debt-to-equity ratio of 0.35. Torm has a 52-week low of $19.30 and a 52-week high of $35.33. The company has a market capitalization of $3.21 billion, a P/E ratio of 9.26 and a beta of 0.09. The company has a 50 day moving average of $29.26 and a 200 day moving average of $29.13.

Analyst Ratings Changes

A number of brokerages recently commented on TRMD. Wall Street Zen cut Torm from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 9th. Pareto Securities cut shares of Torm from a "hold" rating to a "hold" rating in a research report on Wednesday, May 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Torm in a research note on Wednesday, July 15th. Finally, Evercore restated an "outperform" rating and issued a $37.00 price objective on shares of Torm in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

Institutional Trading of Torm

A number of institutional investors have recently bought and sold shares of the business. Virtu Financial LLC raised its holdings in Torm by 6.7% during the fourth quarter. Virtu Financial LLC now owns 17,170 shares of the company's stock worth $336,000 after purchasing an additional 1,076 shares in the last quarter. Invesco Ltd. boosted its stake in Torm by 16.0% in the fourth quarter. Invesco Ltd. now owns 15,106 shares of the company's stock valued at $296,000 after acquiring an additional 2,089 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Torm by 18.8% during the fourth quarter. Mackenzie Financial Corp now owns 54,312 shares of the company's stock worth $1,082,000 after purchasing an additional 8,595 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Torm in the 4th quarter valued at about $1,290,000. Finally, Voloridge Investment Management LLC boosted its position in shares of Torm by 1,134.7% in the 4th quarter. Voloridge Investment Management LLC now owns 128,792 shares of the company's stock valued at $2,522,000 after purchasing an additional 118,361 shares during the period. 73.89% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source