Ardmore Shipping Corp Forecasted to Earn Q4 2018 Earnings of $0.23 Per Share (ASC)
Ardmore Shipping Corp (NYSE:ASC) – Equities research analysts at Seaport Global Securities raised their Q4 2018 earnings per share (EPS) estimates for shares of Ardmore Shipping in a report released on Friday. Seaport Global Securities analyst M. Fyhr now expects that the shipping company will post earnings of $0.23 per share for the quarter, up from their previous forecast of $0.21. Seaport Global Securities currently has a “Buy” rating and a $12.00 target price on the stock. Seaport Global Securities also issued estimates for Ardmore Shipping’s Q2 2019 earnings at $0.28 EPS and FY2019 earnings at $1.14 EPS.
Several other research analysts also recently weighed in on ASC. Jefferies Group reiterated a “buy” rating and issued a $10.00 price target on shares of Ardmore Shipping in a report on Tuesday, September 12th. Zacks Investment Research upgraded Ardmore Shipping from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a report on Tuesday, October 3rd. Stifel Nicolaus set a $10.00 price objective on Ardmore Shipping and gave the stock a “buy” rating in a report on Sunday, October 29th. Morgan Stanley upped their price objective on Ardmore Shipping from $8.50 to $9.00 and gave the stock an “equal weight” rating in a report on Thursday, November 2nd. Finally, ValuEngine downgraded Ardmore Shipping from a “hold” rating to a “sell” rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $10.50.
Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.14). The company had revenue of $48.70 million during the quarter, compared to the consensus estimate of $29.99 million. Ardmore Shipping had a negative return on equity of 3.08% and a negative net margin of 6.45%. Ardmore Shipping’s revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.05) EPS.
Several hedge funds have recently added to or reduced their stakes in the company. Royce & Associates LP increased its holdings in shares of Ardmore Shipping by 13.5% during the 3rd quarter. Royce & Associates LP now owns 1,945,525 shares of the shipping company’s stock worth $16,051,000 after buying an additional 231,950 shares during the last quarter. Signia Capital Management LLC boosted its position in Ardmore Shipping by 2.3% during the 3rd quarter. Signia Capital Management LLC now owns 783,346 shares of the shipping company’s stock worth $6,462,000 after purchasing an additional 17,575 shares during the period. Dimensional Fund Advisors LP boosted its position in Ardmore Shipping by 46.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 706,866 shares of the shipping company’s stock worth $5,832,000 after purchasing an additional 224,920 shares during the period. Adirondack Research & Management Inc. boosted its position in Ardmore Shipping by 13.2% during the 3rd quarter. Adirondack Research & Management Inc. now owns 376,163 shares of the shipping company’s stock worth $3,103,000 after purchasing an additional 44,000 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Ardmore Shipping by 37.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 479,847 shares of the shipping company’s stock worth $3,958,000 after purchasing an additional 130,187 shares during the period. Institutional investors and hedge funds own 75.63% of the company’s stock.
Ardmore Shipping 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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