Stock Buyback Plan Approved by Ardmore Shipping Corporation (ASC)
Ardmore Shipping Corporation (NYSE:ASC) announced that its Board of Directors has authorized a stock buyback program, which permits the company to buyback $25.00 million in outstanding shares on Thursday, August 31st, EventVestor reports. This buyback authorization permits the shipping company to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
Shares of Ardmore Shipping Corporation (NYSE:ASC) opened at 8.10 on Friday. Ardmore Shipping Corporation has a one year low of $5.00 and a one year high of $8.75. The firm’s market cap is $271.96 million. The stock’s 50 day moving average price is $7.71 and its 200 day moving average price is $7.64.
Ardmore Shipping Corporation (NYSE:ASC) last announced its earnings results on Thursday, August 3rd. The shipping company reported ($0.06) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.06). The company had revenue of $49.85 million for the quarter, compared to analyst estimates of $31.73 million. Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The firm’s quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 earnings per share. On average, equities analysts anticipate that Ardmore Shipping Corporation will post ($0.16) earnings per share for the current fiscal year.
ASC has been the topic of several recent research reports. Jefferies Group LLC reissued a “buy” rating and set a $10.00 price objective on shares of Ardmore Shipping Corporation in a report on Tuesday, July 4th. Zacks Investment Research lowered Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. BidaskClub lowered Ardmore Shipping Corporation from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. TheStreet lowered Ardmore Shipping Corporation from a “c-” rating to a “d” rating in a report on Wednesday, May 24th. Finally, ValuEngine lowered Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $10.50.
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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