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

Posted by matt on Apr 12th, 2024

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

ASC has been the subject of a number of other reports. Stifel Nicolaus upped their price objective on Ardmore Shipping from $20.00 to $21.00 and gave the stock a buy rating in a research note on Friday, February 16th. Jefferies Financial Group reissued a buy rating and set a $20.00 price target on shares of Ardmore Shipping in a report on Thursday, February 15th.

View Our Latest Analysis on ASC

Ardmore Shipping Trading Up 4.1 %

Ardmore Shipping stock opened at $16.28 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.38 and a current ratio of 3.75. Ardmore Shipping has a 1 year low of $11.59 and a 1 year high of $17.17. The firm’s 50-day moving average is $16.23 and its 200-day moving average is $14.76. The company has a market cap of $661.41 million, a P/E ratio of 5.96 and a beta of 0.38.

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

Ardmore Shipping Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were given a dividend of $0.21 per share. The ex-dividend date was Wednesday, February 28th. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.16. This represents a $0.84 annualized dividend and a dividend yield of 5.16%. Ardmore Shipping’s payout ratio is currently 30.77%.

Institutional Trading of Ardmore Shipping

Large investors have recently added to or reduced their stakes in the business. Clear Street Markets LLC acquired a new position in Ardmore Shipping during the 1st quarter worth $36,000. Eqis Capital Management Inc. acquired a new stake in Ardmore Shipping in the first quarter worth about $46,000. Tower Research Capital LLC TRC lifted 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 worth $60,000 after purchasing an additional 3,315 shares during the period. Quadrant Capital Group LLC grew its position in Ardmore Shipping by 87.3% in the 4th quarter. Quadrant Capital Group LLC now owns 4,382 shares of the shipping company’s stock valued at $62,000 after buying an additional 2,042 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Ardmore Shipping during the 1st quarter valued at about $68,000. 62.22% of the stock is currently owned by institutional investors and hedge funds.

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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