Ardmore Shipping (NYSE:ASC) Hits New 1-Year High - What's Next?

Key Points

• Shares hit a new 52-week high — ASC traded up to $17.07 on Monday (last at $17.0620) with 336,639 shares changing hands, and analysts rate the stock a "Moderate Buy" with an average price target of $17.00 (Evercore $19.00).
• Quarterly results topped expectations — Ardmore reported $0.28 EPS versus $0.27 expected and revenue of $82.91M versus a $51.00M consensus, with a net margin of 13.22% and ROE of 7.02%.
• Dividend and solid financials — The company pays a $0.09 quarterly dividend (annualized yield 2.1%, DPR 40.45%) and shows low leverage (debt/equity 0.20) with strong liquidity (current ratio 4.33).

Shares of Ardmore Shipping Corporation (NYSE:ASC - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $17.07 and last traded at $17.0620, with a volume of 336639 shares traded. The stock had previously closed at $16.76.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ASC shares. Wall Street Zen upgraded shares of Ardmore Shipping from a "hold" rating to a "buy" rating in a research note on Saturday, March 14th. Evercore set a $19.00 price objective on shares of Ardmore Shipping in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $17.00.

Ardmore Shipping Stock Performance

The company has a market cap of $691.39 million, a P/E ratio of 19.07 and a beta of -0.14. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.33 and a quick ratio of 3.98. The business has a 50-day moving average of $15.36 and a two-hundred day moving average of $13.17.

Ardmore Shipping (NYSE:ASC - Get Free Report) last announced its earnings results on Thursday, February 12th. The shipping company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $82.91 million during the quarter, compared to the consensus estimate of $51.00 million. Ardmore Shipping had a net margin of 13.22% and a return on equity of 7.02%.

Ardmore Shipping Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, February 27th. Ardmore Shipping's dividend payout ratio (DPR) is 40.45%.

Institutional Investors Weigh In On Ardmore Shipping

Several institutional investors have recently bought and sold shares of ASC. Y Intercept Hong Kong Ltd boosted its holdings in Ardmore Shipping by 28.0% in the first quarter. Y Intercept Hong Kong Ltd now owns 164,436 shares of the shipping company's stock worth $2,508,000 after acquiring an additional 35,923 shares in the last quarter. SmartHarvest Portfolios LLC boosted its holdings in Ardmore Shipping by 12.0% in the first quarter. SmartHarvest Portfolios LLC now owns 16,702 shares of the shipping company's stock worth $255,000 after acquiring an additional 1,796 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Ardmore Shipping in the first quarter worth about $407,000. Virtu Financial LLC acquired a new stake in Ardmore Shipping in the fourth quarter worth about $108,000. Finally, Mercer Global Advisors Inc. ADV boosted its holdings in Ardmore Shipping by 35.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 16,529 shares of the shipping company's stock worth $175,000 after acquiring an additional 4,328 shares in the last quarter. 62.22% of the stock is currently owned by institutional investors and hedge funds.

About Ardmore Shipping

Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.

Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.

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