Torm slips as Oaktree looks to cut stake in secondary offering
TRMD•Torm shares fall after secondary offering announcement
** U.S. listed shares of refined oil products carrier Torm TRMDa.CO fall 6.9% to $32.90 in extended trading
** TRMD unveils secondary offering of 9 million shares by funds managed by Oaktree Capital Management
** Oaktree owns roughly 20% of TRMD's Class A shares
** J.P. Morgan Securities is acting as sole underwriter for offering
** TRMD, founded in 1889, operates a fleet of product tanker vessels
** Two of three brokerages rate the stock "buy" and one "strong sell"; median PT $37, according to data compiled by LSEG
** As of last close, TRMD stock up 80.5% YTD
