Ardmore Shipping Corp. (ASC) Stock Price Down 7%
Ardmore Shipping Corp. (NYSE:ASC) was down 7% during mid-day trading on Thursday . The stock traded as low as $6.95 and last traded at $7.08, with a volume of 514,844 shares traded. The stock had previously closed at $7.61.
Several equities research analysts have issued reports on ASC shares. Jefferies Group reiterated a “buy” rating on shares of Ardmore Shipping Corp. in a research note on Monday. Zacks Investment Research downgraded shares of Ardmore Shipping Corp. from a “hold” rating to a “strong sell” rating in a research note on Saturday, June 11th. Deutsche Bank AG reiterated a “buy” rating and set a $11.00 price objective on shares of Ardmore Shipping Corp. in a research note on Wednesday, June 15th. Stifel Nicolaus reiterated a “buy” rating on shares of Ardmore Shipping Corp. in a research note on Wednesday, August 3rd. Finally, ABN Amro upgraded shares of Ardmore Shipping Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, June 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of C$12.63.
The company’s 50-day moving average price is $7.47 and its 200-day moving average price is $8.24. The company has a market cap of $238.11 million and a PE ratio of 6.02.
Ardmore Shipping Corp. (NYSE:ASC) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The company earned $39.70 million during the quarter, compared to analysts’ expectations of $32.49 million. Ardmore Shipping Corp.’s revenue for the quarter was up 1.0% compared to the same quarter last year. Analysts predict that Ardmore Shipping Corp. will post $0.78 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Tuesday, August 16th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.19%. The ex-dividend date is Friday, August 12th.
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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