Jefferies Group Equities Analysts Increase Earnings Estimates for Ardmore Shipping Corporation (ASC)
Ardmore Shipping Corporation (NYSE:ASC) – Research analysts at Jefferies Group raised their Q3 2017 earnings per share (EPS) estimates for shares of Ardmore Shipping Corporation in a report released on Thursday. Jefferies Group analyst D. Mavrinac now forecasts that the shipping company will post earnings per share of ($0.12) for the quarter, up from their prior estimate of ($0.13). Jefferies Group currently has a “Buy” rating and a $10.00 target price on the stock. Jefferies Group also issued estimates for Ardmore Shipping Corporation’s Q4 2017 earnings at $0.11 EPS and FY2017 earnings at ($0.13) EPS.
Ardmore Shipping Corporation (NYSE:ASC) last released its earnings results on Thursday, August 3rd. The shipping company reported ($0.06) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). The firm had revenue of $49.85 million during the quarter, compared to analysts’ expectations of $31.73 million. Ardmore Shipping Corporation had a negative net margin of 6.92% and a negative return on equity of 2.35%. Ardmore Shipping Corporation’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS.
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A number of other research firms have also issued reports on ASC. Zacks Investment Research upgraded shares of Ardmore Shipping Corporation from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a report on Tuesday, October 3rd. ValuEngine upgraded shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Stifel Nicolaus set a $10.00 price objective on shares of Ardmore Shipping Corporation and gave the company a “buy” rating in a research note on Monday, August 28th. Finally, BidaskClub upgraded shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $10.25.
Ardmore Shipping Corporation (NYSE:ASC) opened at 8.55 on Monday. The firm has a 50 day moving average of $8.21 and a 200-day moving average of $7.85. The firm’s market cap is $287.07 million. Ardmore Shipping Corporation has a one year low of $5.00 and a one year high of $9.05.
Ardmore Shipping Corporation declared that its board has authorized a stock buyback plan on Thursday, August 31st that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the shipping company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Institutional investors have recently added to or reduced their stakes in the business. Voya Investment Management LLC increased its stake in Ardmore Shipping Corporation by 32.4% in the 2nd quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock valued at $120,000 after buying an additional 3,614 shares during the period. American International Group Inc. increased its stake 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 valued at $135,000 after buying an additional 4,177 shares during the period. Highbridge Capital Management LLC acquired a new position in Ardmore Shipping Corporation in the 1st quarter valued at approximately $146,000. Alliancebernstein L.P. acquired a new position in Ardmore Shipping Corporation in the 2nd quarter valued at approximately $155,000. Finally, Nationwide Fund Advisors increased its stake 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 valued at $164,000 after buying an additional 2,792 shares during the period. Hedge funds and other institutional investors own 76.52% of the company’s stock.
About Ardmore Shipping Corporation
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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