Ardmore Shipping Corporation (ASC) Stock Rating Upgraded by Zacks Investment Research
Ardmore Shipping Corporation (NYSE:ASC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $9.50 price objective on the shipping company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 7.34% from the company’s previous close.
According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “
A number of other equities research analysts also recently weighed in on ASC. ValuEngine raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Jefferies Group LLC restated a “buy” rating and issued a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Tuesday, July 4th. BidaskClub downgraded shares of Ardmore Shipping Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Ardmore Shipping Corporation presently has an average rating of “Hold” and an average price target of $10.25.
Shares of Ardmore Shipping Corporation (ASC) traded up 4.12% during trading on Tuesday, hitting $8.85. 324,773 shares of the stock were exchanged. The firm’s 50-day moving average is $7.77 and its 200 day moving average is $7.75. The company’s market cap is $297.14 million. Ardmore Shipping Corporation has a 1-year low of $5.00 and a 1-year high of $8.90.
Ardmore Shipping Corporation (NYSE:ASC) last issued its quarterly earnings data on Thursday, August 3rd. The shipping company reported ($0.06) EPS for the quarter, meeting analysts’ consensus estimates of ($0.06). Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The firm had revenue of $49.85 million for the quarter, compared to analyst estimates of $31.73 million. During the same period in the prior year, the firm posted $0.18 EPS. The company’s revenue for the quarter was up 25.5% on a year-over-year basis. Equities analysts forecast that Ardmore Shipping Corporation will post ($0.13) earnings per share for the current fiscal year.
Ardmore Shipping Corporation declared that its board has approved a share buyback program on Thursday, August 31st that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the shipping company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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A number of hedge funds and other institutional investors have recently made changes to their positions in ASC. Northern Trust Corp raised its holdings in Ardmore Shipping Corporation by 88.7% in the 2nd quarter. Northern Trust Corp now owns 919,286 shares of the shipping company’s stock valued at $7,492,000 after acquiring an additional 432,042 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Ardmore Shipping Corporation during the 1st quarter worth $2,064,000. KBC Group NV acquired a new stake in shares of Ardmore Shipping Corporation during the 1st quarter worth $1,351,000. Royce & Associates LP grew its holdings in shares of Ardmore Shipping Corporation by 9.4% during the 2nd quarter. Royce & Associates LP now owns 1,713,575 shares of the shipping company’s stock worth $13,966,000 after purchasing an additional 147,900 shares in the last quarter. Finally, Private Management Group Inc. grew its holdings in shares of Ardmore Shipping Corporation by 127.9% during the 2nd quarter. Private Management Group Inc. now owns 220,437 shares of the shipping company’s stock worth $1,797,000 after purchasing an additional 123,730 shares in the last quarter. 76.51% of the stock is owned by hedge funds and other institutional investors.
Ardmore Shipping Corporation Company Profile
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.
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