Zacks: Brokerages Expect Ardmore Shipping Corp (ASC) to Announce -$0.29 Earnings Per Share

Brokerages expect Ardmore Shipping Corp (NYSE:ASC) to announce earnings of ($0.29) per share for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Ardmore Shipping’s earnings. The highest EPS estimate is ($0.21) and the lowest is ($0.36). Ardmore Shipping reported earnings of ($0.14) per share in the same quarter last year, which would suggest a negative year over year growth rate of 107.1%. The firm is expected to issue its next earnings results on Wednesday, November 7th.

According to Zacks, analysts expect that Ardmore Shipping will report full year earnings of ($0.72) per share for the current financial year, with EPS estimates ranging from ($0.91) to ($0.53). For the next fiscal year, analysts forecast that the firm will report earnings of $0.34 per share, with EPS estimates ranging from ($0.05) to $0.89. Zacks’ EPS averages are a mean average based on a survey of research firms that cover Ardmore Shipping.

Ardmore Shipping (NYSE:ASC) last posted its earnings results on Tuesday, July 31st. The shipping company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Ardmore Shipping had a negative net margin of 11.15% and a negative return on equity of 5.70%. The business had revenue of $28.20 million during the quarter, compared to analyst estimates of $28.44 million. During the same quarter in the prior year, the business earned ($0.06) earnings per share. The firm’s revenue was down 11.1% compared to the same quarter last year.

ASC has been the topic of several analyst reports. Zacks Investment Research upgraded Ardmore Shipping from a “strong sell” rating to a “hold” rating in a research report on Friday, August 3rd. ValuEngine cut Ardmore Shipping from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Morgan Stanley lowered their target price on Ardmore Shipping from $9.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 1st. Finally, Fearnley Fonds upgraded Ardmore Shipping from a “reduce” rating to a “buy” rating and raised their target price for the company from $6.70 to $9.30 in a research report on Tuesday, September 25th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $10.22.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Ardmore Shipping by 16.6% during the 2nd quarter. BlackRock Inc. now owns 1,584,561 shares of the shipping company’s stock valued at $12,994,000 after purchasing an additional 225,693 shares during the period. Bank of New York Mellon Corp increased its position in shares of Ardmore Shipping by 4.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,491,417 shares of the shipping company’s stock valued at $12,230,000 after purchasing an additional 65,753 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Ardmore Shipping by 24.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,247,039 shares of the shipping company’s stock valued at $10,226,000 after purchasing an additional 244,012 shares during the period. Eagle Boston Investment Management Inc. increased its position in shares of Ardmore Shipping by 4.5% during the 2nd quarter. Eagle Boston Investment Management Inc. now owns 1,147,376 shares of the shipping company’s stock valued at $9,408,000 after purchasing an additional 49,281 shares during the period. Finally, Northern Trust Corp increased its position in shares of Ardmore Shipping by 1.5% during the 2nd quarter. Northern Trust Corp now owns 891,430 shares of the shipping company’s stock valued at $7,310,000 after purchasing an additional 12,808 shares during the period. Institutional investors own 89.46% of the company’s stock.

ASC traded up $0.17 during trading hours on Friday, hitting $6.83. The company’s stock had a trading volume of 95,176 shares, compared to its average volume of 192,870. Ardmore Shipping has a fifty-two week low of $6.18 and a fifty-two week high of $9.05. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.42 and a quick ratio of 1.23. The stock has a market cap of $215.14 million, a P/E ratio of -18.46 and a beta of 0.90.

About Ardmore Shipping

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. The company operates a fleet of 28 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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