Ardmore Shipping (NYSE:ASC) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Ardmore Shipping (NYSE:ASC) from a hold rating to a buy rating in a research note released on Tuesday.

A number of other analysts have also commented on the company. Evercore ISI lifted their price target on Ardmore Shipping from $25.00 to $26.00 and gave the stock an outperform rating in a report on Tuesday, July 23rd. Stifel Nicolaus raised their price objective on shares of Ardmore Shipping from $22.00 to $24.00 and gave the stock a buy rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group upped their price target on Ardmore Shipping from $21.00 to $24.00 and gave the company a buy rating in a research report on Wednesday, July 31st.

Ardmore Shipping Price Performance

ASC opened at $17.96 on Tuesday. Ardmore Shipping has a 1 year low of $11.78 and a 1 year high of $23.44. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.50 and a quick ratio of 3.18. The company has a market capitalization of $729.66 million, a price-to-earnings ratio of 6.88 and a beta of 0.35. The firm’s fifty day moving average price is $19.19 and its two-hundred day moving average price is $19.17.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Wednesday, July 31st. The shipping company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. The business had revenue of $121.30 million for the quarter, compared to analysts’ expectations of $80.51 million. Ardmore Shipping had a net margin of 36.31% and a return on equity of 24.26%. The firm’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. As a group, analysts anticipate that Ardmore Shipping will post 3.46 earnings per share for the current fiscal year.

Ardmore Shipping Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.46%. The ex-dividend date of this dividend was Friday, August 30th. Ardmore Shipping’s dividend payout ratio is currently 58.24%.

Hedge Funds Weigh In On Ardmore Shipping

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Ardmore Shipping in the 2nd quarter worth approximately $29,000. Sanctuary Advisors LLC bought a new position in Ardmore Shipping during the 2nd quarter valued at approximately $454,000. Point72 Asset Management L.P. bought a new position in shares of Ardmore Shipping during the second quarter valued at approximately $205,000. Invst LLC lifted its position in shares of Ardmore Shipping by 66.3% in the 2nd quarter. Invst LLC now owns 33,542 shares of the shipping company’s stock worth $749,000 after purchasing an additional 13,376 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Ardmore Shipping by 18.4% in the second quarter. AQR Capital Management LLC now owns 106,926 shares of the shipping company’s stock worth $2,409,000 after buying an additional 16,633 shares during the period. 62.22% of the stock is currently owned by hedge funds and other institutional investors.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.