Wall Street brokerages expect Ardmore Shipping Corporation (NYSE:ASC) to report earnings per share (EPS) of ($0.09) for the current quarter, according to Zacks. Six analysts have made estimates for Ardmore Shipping’s earnings, with estimates ranging from ($0.15) to $0.07. Ardmore Shipping reported earnings of ($0.11) per share during the same quarter last year, which would suggest a positive year over year growth rate of 18.2%. The firm is scheduled to announce its next earnings results on Tuesday, February 6th.
On average, analysts expect that Ardmore Shipping will report full year earnings of ($0.35) per share for the current fiscal year, with EPS estimates ranging from ($0.41) to ($0.19). For the next financial year, analysts expect that the firm will report earnings of $0.53 per share, with EPS estimates ranging from $0.05 to $1.34. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that follow Ardmore Shipping.
Ardmore Shipping (NYSE:ASC) last issued its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.14). The firm had revenue of $48.70 million for the quarter, compared to analyst estimates of $29.99 million. Ardmore Shipping had a negative return on equity of 3.08% and a negative net margin of 6.45%. The business’s revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) earnings per share.
Several brokerages have recently weighed in on ASC. Zacks Investment Research upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a research report on Thursday, November 9th. BidaskClub upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Stifel Nicolaus set a $10.00 price target on Ardmore Shipping and gave the company a “buy” rating in a research report on Sunday, October 29th. Morgan Stanley lifted their price target on Ardmore Shipping from $8.50 to $9.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Finally, ValuEngine upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Ardmore Shipping has an average rating of “Hold” and a consensus price target of $10.00.
Institutional investors have recently bought and sold shares of the stock. Voya Investment Management LLC grew its position in Ardmore Shipping by 32.4% during the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock worth $120,000 after buying an additional 3,614 shares in the last quarter. Alliancebernstein L.P. purchased a new position in Ardmore Shipping during the second quarter worth about $155,000. Citadel Advisors LLC purchased a new position in Ardmore Shipping during the second quarter worth about $174,000. The Manufacturers Life Insurance Company grew its position in Ardmore Shipping by 4.3% during the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock worth $255,000 after buying an additional 1,306 shares in the last quarter. Finally, GRT Capital Partners L.L.C. purchased a new position in Ardmore Shipping during the second quarter worth about $303,000. Institutional investors and hedge funds own 77.29% of the company’s stock.
Shares of Ardmore Shipping (ASC) remained flat at $$7.75 on Friday. 138,100 shares of the company’s stock traded hands, compared to its average volume of 208,629. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.57 and a quick ratio of 1.41. Ardmore Shipping has a 12-month low of $6.60 and a 12-month high of $9.05.
Ardmore Shipping declared that its Board of Directors has authorized a stock buyback plan on Thursday, August 31st that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the shipping company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
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Ardmore Shipping 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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