Ardmore Shipping Corporation (NYSE:ASC) received a $10.00 price objective from stock analysts at Stifel Nicolaus in a report issued on Sunday. The firm currently has a “buy” rating on the shipping company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 19.05% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the company. BidaskClub upgraded Ardmore Shipping Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, August 18th. Zacks Investment Research upgraded Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. ValuEngine cut Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Finally, Jefferies Group LLC restated a “buy” rating and set a $10.00 target price on shares of Ardmore Shipping Corporation in a research report on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. Ardmore Shipping Corporation currently has an average rating of “Hold” and an average target price of $10.25.
Ardmore Shipping Corporation (NYSE ASC) opened at 8.40 on Friday. The stock has a 50 day moving average price of $8.31 and a 200-day moving average price of $7.86. The company’s market cap is $282.03 million. Ardmore Shipping Corporation has a 1-year low of $5.00 and a 1-year high of $9.05.
Ardmore Shipping Corporation (NYSE:ASC) last posted its earnings results on Thursday, August 3rd. The shipping company reported ($0.06) EPS for the quarter, meeting the Zacks’ consensus estimate 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 analysts’ expectations of $31.73 million. During the same period last year, the firm earned $0.18 EPS. The company’s quarterly revenue was up 25.5% on a year-over-year basis. On average, equities research analysts forecast that Ardmore Shipping Corporation will post ($0.17) EPS for the current year.
Ardmore Shipping Corporation announced that its board has initiated a stock buyback program on Thursday, August 31st that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the shipping company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
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A number of hedge funds have recently bought and sold shares of ASC. Nationwide Fund Advisors boosted its holdings in Ardmore Shipping Corporation by 15.8% in the 1st quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock worth $164,000 after buying an additional 2,792 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Ardmore Shipping Corporation by 3.4% in the 1st quarter. Bank of New York Mellon Corp now owns 118,933 shares of the shipping company’s stock worth $957,000 after buying an additional 3,900 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Ardmore Shipping Corporation by 0.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 170,457 shares of the shipping company’s stock worth $1,372,000 after buying an additional 481 shares during the last quarter. American International Group Inc. boosted its holdings in Ardmore Shipping Corporation by 33.3% in the 1st quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock worth $135,000 after buying an additional 4,177 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its holdings in Ardmore Shipping Corporation by 11.5% in the 1st quarter. OppenheimerFunds Inc. now owns 59,704 shares of the shipping company’s stock worth $481,000 after buying an additional 6,165 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.
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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