Ardmore Shipping (NYSE:ASC) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Ardmore Shipping (NYSE:ASC) announced its quarterly earnings data on Wednesday. The shipping company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01), Briefing.com reports. Ardmore Shipping had a negative net margin of 21.14% and a negative return on equity of 8.92%. The company had revenue of $55.00 million during the quarter, compared to analyst estimates of $32.16 million. During the same quarter in the previous year, the business posted ($0.26) earnings per share. The firm’s revenue was up 5.0% on a year-over-year basis.

Shares of ASC stock opened at $7.34 on Thursday. The business’s 50-day moving average price is $7.59. The stock has a market capitalization of $244.59 million, a price-to-earnings ratio of -7.06 and a beta of 1.19. Ardmore Shipping has a 1 year low of $4.22 and a 1 year high of $8.77. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.37 and a current ratio of 1.56.

ASC has been the topic of a number of analyst reports. Pareto Securities upgraded Ardmore Shipping from a “hold” rating to a “buy” rating in a research note on Friday, June 28th. Zacks Investment Research upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th. ValuEngine upgraded Ardmore Shipping from a “hold” rating to a “buy” rating in a research note on Tuesday, July 2nd. Finally, Morgan Stanley set a $8.00 price target on Ardmore Shipping and gave the company a “hold” rating in a research note on Thursday, May 2nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Ardmore Shipping currently has an average rating of “Buy” and a consensus target price of $8.68.

Several hedge funds have recently modified their holdings of ASC. Bank of New York Mellon Corp grew its holdings in shares of Ardmore Shipping by 22.7% during the fourth quarter. Bank of New York Mellon Corp now owns 2,124,098 shares of the shipping company’s stock worth $9,919,000 after purchasing an additional 393,054 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Ardmore Shipping by 18.5% during the fourth quarter. BlackRock Inc. now owns 1,903,432 shares of the shipping company’s stock worth $8,889,000 after purchasing an additional 296,893 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Ardmore Shipping by 14.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,680,982 shares of the shipping company’s stock worth $7,850,000 after purchasing an additional 210,973 shares during the last quarter. Kennedy Capital Management Inc. grew its holdings in shares of Ardmore Shipping by 125.3% during the first quarter. Kennedy Capital Management Inc. now owns 225,317 shares of the shipping company’s stock worth $1,388,000 after purchasing an additional 125,317 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Ardmore Shipping by 241.8% during the fourth quarter. Bank of America Corp DE now owns 54,795 shares of the shipping company’s stock worth $257,000 after purchasing an additional 38,763 shares during the last quarter. 90.31% of the stock is currently owned by institutional investors.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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Earnings History for Ardmore Shipping (NYSE:ASC)

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