Ardmore Shipping (NYSE:ASC) Upgraded by StockNews.com to “Buy” (2024)

Posted by MarketBeat News on Apr 14th, 2024

StockNews.com upgraded shares of Ardmore Shipping (NYSE:ASC – Free Report) from a hold rating to a buy rating in a research report report published on Thursday.

Several other research firms also recently commented on ASC. Jefferies Financial Group reissued a buy rating and set a $20.00 price target on shares of Ardmore Shipping in a research note on Thursday, February 15th. Stifel Nicolaus lifted their price target on shares of Ardmore Shipping from $20.00 to $21.00 and gave the stock a buy rating in a research note on Friday, February 16th.

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Ardmore Shipping Trading Down 2.5 %

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Shares of ASC opened at $15.88 on Thursday. The firm’s 50 day simple moving average is $16.23 and its 200 day simple moving average is $14.79. The company has a market capitalization of $645.20 million, a P/E ratio of 5.82 and a beta of 0.38. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.75 and a quick ratio of 3.38. Ardmore Shipping has a 1-year low of $11.59 and a 1-year high of $17.17.

Ardmore Shipping (NYSE:ASC – Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The shipping company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. The firm had revenue of $98.80 million for the quarter, compared to the consensus estimate of $64.26 million. Ardmore Shipping had a net margin of 29.50% and a return on equity of 22.76%. The business’s revenue was down 25.6% compared to the same quarter last year. During the same period last year, the firm posted $1.33 earnings per share. Sell-side analysts forecast that Ardmore Shipping will post 2.6 earnings per share for the current fiscal year.

Ardmore Shipping Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a $0.21 dividend. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.16. The ex-dividend date was Wednesday, February 28th. This represents a $0.84 annualized dividend and a dividend yield of 5.29%. Ardmore Shipping’s dividend payout ratio (DPR) is currently 30.77%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Clear Street Markets LLC bought a new position in shares of Ardmore Shipping in the first quarter worth approximately $36,000. Quadrant Capital Group LLC boosted its holdings in Ardmore Shipping by 87.3% in the fourth quarter. Quadrant Capital Group LLC now owns 4,382 shares of the shipping company’s stock valued at $62,000 after acquiring an additional 2,042 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Ardmore Shipping by 253.8% in the third quarter. Tower Research Capital LLC TRC now owns 4,621 shares of the shipping company’s stock valued at $60,000 after acquiring an additional 3,315 shares in the last quarter. Citigroup Inc. boosted its holdings in Ardmore Shipping by 874.3% in the first quarter. Citigroup Inc. now owns 5,125 shares of the shipping company’s stock valued at $76,000 after acquiring an additional 4,599 shares in the last quarter. Finally, Amalgamated Bank boosted its holdings in Ardmore Shipping by 21.7% in the fourth quarter. Amalgamated Bank now owns 5,375 shares of the shipping company’s stock valued at $77,000 after acquiring an additional 960 shares in the last quarter. Institutional investors own 62.22% of the company’s stock.

About Ardmore Shipping

(Get Free Report)

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.

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