Ardmore Shipping Co. (ASC) to Issue Quarterly Dividend of $0.31 on June 14th

Ardmore Shipping Co. (NYSE:ASC) declared a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Shareholders of record on Friday, May 31st will be paid a dividend of 0.31 per share by the shipping company on Friday, June 14th. This represents a $1.24 annualized dividend and a yield of 5.98%. The ex-dividend date of this dividend is Friday, May 31st. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.21.

Ardmore Shipping has raised its dividend payment by an average of 184.4% annually over the last three years.

Ardmore Shipping Stock Up 1.4 %

Shares of ASC opened at $20.72 on Friday. The firm has a fifty day moving average price of $16.52 and a 200-day moving average price of $15.31. The company has a current ratio of 3.75, a quick ratio of 3.38 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $841.79 million, a P/E ratio of 7.48 and a beta of 0.36. Ardmore Shipping has a 12-month low of $11.59 and a 12-month high of $20.72.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.05. The company had revenue of $106.30 million during the quarter, compared to analyst estimates of $72.46 million. Ardmore Shipping had a net margin of 29.50% and a return on equity of 22.76%. The firm’s revenue for the quarter was down 10.1% on a year-over-year basis. During the same quarter last year, the business posted $1.04 EPS. Equities research analysts expect that Ardmore Shipping will post 2.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

ASC has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their target price on Ardmore Shipping from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday. StockNews.com upgraded Ardmore Shipping from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Stifel Nicolaus increased their target price on shares of Ardmore Shipping from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, April 19th.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.