Shares of energy transport company TORM (NASDAQ:TRMD) are rising upwards today after a planned sale of 5 million shares of the company was withdrawn by OCM Njord Holdings.
The development comes as market conditions remain challenging. Shares of the company had come under pressure yesterday after announcing the share sale.
The proceeds were to be given to OCM directly. Energy names across the board have been rising over the past year on favorable energy prices and TRMD shares have gained 228% over the past 52 weeks.
At the same time, TRMD offers a return on equity of 44% alongside a mouth-watering 9.26% dividend yield.
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