Torm (NASDAQ:TRMD) Announces Quarterly Earnings Results

Key Points

• Torm reported a quarterly earnings per share (EPS) of $0.58, surpassing the consensus estimate of $0.57 by $0.01, with revenues of $208.20 million against an estimated $207.58 million.
• The company's stock has seen a 2.4% decline, trading at $20.00, with a market cap of $1.88 billion and a current ratio of 2.55.
• Analysts have upgraded Torm's rating from "hold" to "strong buy," and the stock currently holds a consensus "Moderate Buy" rating with an average target price of $27.50.

Torm (NASDAQ:TRMD - Get Free Report) posted its earnings results on Thursday. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.57 by $0.01, Zacks reports. The firm had revenue of $208.20 million during the quarter, compared to the consensus estimate of $207.58 million. Torm had a return on equity of 22.40% and a net margin of 32.20%.

Torm Trading Down 2.4%

NASDAQ TRMD traded down $0.49 during trading hours on Friday, hitting $20.00. 703,793 shares of the company's stock were exchanged, compared to its average volume of 937,543. The stock has a 50-day simple moving average of $18.20 and a 200 day simple moving average of $17.74. Torm has a 1-year low of $13.60 and a 1-year high of $38.98. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 4.22 and a beta of 0.12. The company has a current ratio of 2.55, a quick ratio of 2.28 and a debt-to-equity ratio of 0.48.

Institutional Investors Weigh In On Torm

Several large investors have recently added to or reduced their stakes in the business. Brevan Howard Capital Management LP acquired a new stake in Torm in the second quarter valued at approximately $7,523,000. Raymond James Financial Inc. acquired a new stake in Torm in the second quarter valued at approximately $348,000. Glenorchy Capital Ltd grew its stake in Torm by 3.5% in the second quarter. Glenorchy Capital Ltd now owns 29,670 shares of the company's stock valued at $494,000 after acquiring an additional 1,003 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Torm by 59.3% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 51,084 shares of the company's stock valued at $858,000 after acquiring an additional 19,013 shares during the period. Finally, NewEdge Advisors LLC grew its stake in Torm by 5.4% in the second quarter. NewEdge Advisors LLC now owns 17,650 shares of the company's stock valued at $294,000 after acquiring an additional 910 shares during the period. Institutional investors and hedge funds own 73.89% of the company's stock.

Analyst Ratings Changes

TRMD has been the subject of a number of analyst reports. Fearnley Fonds upgraded Torm from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Pareto Securities upgraded Torm from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. Finally, Evercore ISI set a $23.00 price objective on Torm and gave the stock an "outperform" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $27.50.

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.

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