Zacks Investment Research upgraded shares of Ardmore Shipping (NYSE:ASC) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.
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. “
Other equities analysts have also recently issued research reports about the company. ValuEngine cut Ardmore Shipping from a hold rating to a sell rating in a report on Saturday, July 14th. Morgan Stanley reduced their target price on Ardmore Shipping from $9.00 to $8.00 and set an equal weight rating on the stock in a report on Wednesday, August 1st. Finally, Fearnley Fonds upgraded Ardmore Shipping from a reduce rating to a buy rating and raised their target price for the stock from $6.70 to $9.30 in a report on Tuesday, September 25th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $10.22.
Shares of ASC opened at $6.83 on Tuesday. The company has a current ratio of 1.42, a quick ratio of 1.23 and a debt-to-equity ratio of 1.10. Ardmore Shipping has a 1 year low of $6.18 and a 1 year high of $9.05. The stock has a market cap of $215.14 million, a price-to-earnings ratio of -18.46 and a beta of 0.90.
Ardmore Shipping (NYSE:ASC) last issued its earnings results on Tuesday, July 31st. The shipping company reported ($0.26) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.01). Ardmore Shipping had a negative return on equity of 5.70% and a negative net margin of 11.15%. The company had revenue of $28.20 million for the quarter, compared to the consensus estimate of $28.44 million. During the same quarter last year, the business posted ($0.06) EPS. Ardmore Shipping’s quarterly revenue was down 11.1% on a year-over-year basis. As a group, equities analysts predict that Ardmore Shipping will post -0.72 earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in ASC. Dimensional Fund Advisors LP lifted its holdings in shares of Ardmore Shipping by 24.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,247,039 shares of the shipping company’s stock valued at $10,226,000 after purchasing an additional 244,012 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Ardmore Shipping by 16.6% during the 2nd quarter. BlackRock Inc. now owns 1,584,561 shares of the shipping company’s stock valued at $12,994,000 after purchasing an additional 225,693 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Ardmore Shipping by 1,025.1% during the 2nd quarter. Renaissance Technologies LLC now owns 247,522 shares of the shipping company’s stock valued at $2,030,000 after purchasing an additional 225,522 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Ardmore Shipping by 79.0% during the 1st quarter. Sei Investments Co. now owns 373,904 shares of the shipping company’s stock valued at $2,842,000 after purchasing an additional 165,015 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Ardmore Shipping by 4.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,491,417 shares of the shipping company’s stock valued at $12,230,000 after purchasing an additional 65,753 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.
About Ardmore Shipping
Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. The company operates a fleet of 28 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.
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