Toro Corp. (NASDAQ: TORO) is a company in the international energy transportation business. It operates a fleet of LPG carriers and tankers transporting petroleum products, crude oil, and petrochemical gases globally.
Toro Corp. Announces Sale of Tanker
It currently operates a fleet of seven vessels, with a total capacity of 0.3 million dwt. Toro Corp.’s fleet includes one Aframax tanker, which the company agreed to sell on September 5, 2023. The sale of the M/T Wonder Vega tanker was completed on December 21, 2023, with the vessel’s delivery for $31.5 million. After the sale, the company said it expected to record a net gain of $17.7 million for the sale, excluding transaction-related costs, in its fourth quarter results. Toro is incorporated in the Marshall Islands.
Recent Performance
In its Q3 earnings report, Toro Corp. reported a total vessel revenue of $10.5 million, a 66.5% decline compared to the $31.3 million it reported at the same time last year. Its net income increased by 92.9% to $35.1 million, compared to the $18.2 million recorded in the same period last year.
The reported EPS was $1.89, a decline from the $1.92 reported in the same period last year. Its EBITDA rose to $3.4 million, compared to the $20.6 million it reported at the same time last year.
TORO Stock Forecast
TORO stock has fallen 54.83% YTD. However, its performance has improved in the last six months, rising 57.90%. Additionally, it has risen 34.24% in the past month. During early trading on December 21, 2023, the stock was up 4.74% at $5.21 per share.
Should You Buy Toro Corp. Stock?
In its last earnings report, Petros Panagiotidis, CEO of Toro Corp., said that the tanker market was robust. He noted that the supply/demand fundamentals of the crude oil market remained solid. The CEO added that the company was renewing its fleet with the sale of its older vessels.
Panagiotidis noted that the company’s balance sheet was solid. Consequently, the board had authorized a share buyback program for up to $ million of outstanding common shares up to March 31, 2024.
TORO stock is worth considering based on its recent positive performance and the improving macroeconomic conditions, which will increase crude oil demand.
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