Ardmore Shipping (NYSE:ASC) Reaches New 12-Month High - Here's What Happened

Key Points

• 52-week high: Shares hit a new 52-week high of $18.17 on Monday with about 544,854 shares traded, and the stock is trading well above its 50‑day ($15.61) and 200‑day ($13.35) moving averages.
• Analyst sentiment: Wall Street Zen upgraded ASC to a "buy" and the consensus rating is a Moderate Buy (one Strong Buy, two Buy, two Hold) with an average price target of $17 and Evercore setting a $19 target.
• Fundamentals and payout: Ardmore topped quarterly estimates (EPS $0.28 vs $0.27; revenue $82.91M vs $51M), reports strong liquidity (quick ratio 3.98, D/E 0.20) and pays a $0.09 quarterly dividend (annualized yield ~2.0%, DPR ~40.5%).

Shares of Ardmore Shipping Corporation (NYSE:ASC - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $18.17 and last traded at $18.0750, with a volume of 544854 shares changing hands. The stock had previously closed at $18.14.

Wall Street Analysts Forecast Growth

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

Ardmore Shipping Stock Performance

The company has a quick ratio of 3.98, a current ratio of 4.33 and a debt-to-equity ratio of 0.20. The company has a market cap of $745.36 million, a PE ratio of 20.63 and a beta of 0.03. The stock's 50 day simple moving average is $15.61 and its two-hundred day simple moving average is $13.35.

Ardmore Shipping (NYSE:ASC - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The shipping company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.01. The company had revenue of $82.91 million for 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 business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.36 dividend on an annualized basis and a yield of 2.0%. Ardmore Shipping's dividend payout ratio (DPR) is currently 40.45%.

Hedge Funds Weigh In On Ardmore Shipping

A number of hedge funds have recently made changes to their positions in ASC. Ticino Wealth purchased a new position in shares of Ardmore Shipping in the 4th quarter valued at $7,647,000. Marnell Management LLC purchased a new position in shares of Ardmore Shipping in the 4th quarter valued at $3,877,000. Moore Capital Management LP purchased a new position in shares of Ardmore Shipping in the 4th quarter valued at $3,177,000. Franklin Resources Inc. raised its stake in shares of Ardmore Shipping by 848.0% in the 3rd quarter. Franklin Resources Inc. now owns 324,295 shares of the shipping company's stock valued at $3,849,000 after acquiring an additional 290,087 shares during the period. Finally, Trexquant Investment LP purchased a new position in shares of Ardmore Shipping in the 4th quarter valued at $1,947,000. Hedge funds and other institutional investors own 62.22% of the company's stock.

Ardmore Shipping Company Profile

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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