Torm (NASDAQ:TRMD) Shares Gap Up on Strong Earnings

Key Points

• Torm Plc's shares opened at $20.00 after gapping up due to a strong earnings report, with the latest trading price at $20.55.
• The company reported an earnings per share (EPS) of $0.58, exceeding the consensus estimate of $0.56.
• Analysts have mixed views on the stock, with a recent consensus rating of "Moderate Buy" and an average price target of $27.50.

Torm Plc (NASDAQ:TRMD - Get Free Report) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $19.07, but opened at $20.00. Torm shares last traded at $20.55, with a volume of 413,912 shares traded.

The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. Torm had a return on equity of 22.40% and a net margin of 32.20%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Evercore ISI decreased their price objective on shares of Torm from $25.00 to $23.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Fearnley Fonds raised Torm from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Finally, Pareto Securities upgraded Torm from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Torm presently has a consensus rating of "Moderate Buy" and an average price target of $27.50.

Hedge Funds Weigh In On Torm

A number of institutional investors have recently bought and sold shares of TRMD. Wealth Preservation Advisors LLC purchased a new position in shares of Torm in the 1st quarter valued at approximately $69,000. CWM LLC raised its stake in Torm by 1,712.3% during the 1st quarter. CWM LLC now owns 5,292 shares of the company's stock valued at $87,000 after buying an additional 5,000 shares during the last quarter. Hibernia Wealth Partners LLC bought a new stake in shares of Torm in the first quarter worth $167,000. Weaver Consulting Group bought a new stake in Torm during the second quarter valued at about $167,000. Finally, Larson Financial Group LLC lifted its holdings in Torm by 4,694.8% during the first quarter. Larson Financial Group LLC now owns 10,213 shares of the company's stock valued at $168,000 after purchasing an additional 10,000 shares in the last quarter. 73.89% of the stock is owned by institutional investors.

Torm Price Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.28 and a current ratio of 2.55. The company has a market cap of $1.94 billion, a P/E ratio of 4.36 and a beta of 0.12. The firm's fifty day moving average is $18.13 and its two-hundred day moving average is $17.73.

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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