Ardmore Shipping (NYSE:ASC) Issues Earnings Results

Key Points

• Ardmore Shipping exceeded quarterly expectations: The company reported $0.40 in earnings per share, topping the $0.39 consensus estimate, while revenue reached $87.71 million versus analyst expectations of $56.67 million.
• Shares fell 5.0% despite the earnings beat, opening at $18.58. Ardmore has a market capitalization of approximately $756.6 million and a P/E ratio of 6.98.
• Analyst sentiment remains positive: Three analysts rate the stock Buy, with an average price target of $18.50; Evercore maintained an Outperform rating and set a $22 target.

Ardmore Shipping (NYSE:ASC - Get Free Report) released its quarterly earnings results on Tuesday. The shipping company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.01, FiscalAI reports. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%. The firm had revenue of $87.71 million for the quarter, compared to analysts' expectations of $56.67 million.

Ardmore Shipping Stock Down 5.0%

Shares of ASC opened at $18.58 on Tuesday. Ardmore Shipping has a 1 year low of $10.31 and a 1 year high of $21.34. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.45 and a quick ratio of 4.84. The stock has a 50 day simple moving average of $18.82 and a two-hundred day simple moving average of $16.58. The firm has a market cap of $756.60 million, a P/E ratio of 6.98 and a beta of 0.11.

Analysts Set New Price Targets

A number of brokerages have recently commented on ASC. Wall Street Zen lowered shares of Ardmore Shipping from a "strong-buy" rating to a "buy" rating in a report on Saturday. Weiss Ratings upgraded shares of Ardmore Shipping from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, September 22nd. Finally, Evercore reissued an "outperform" rating and issued a $22.00 target price on shares of Ardmore Shipping in a research note on Tuesday, October 27th. Three equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Ardmore Shipping presently has an average rating of "Buy" and an average price target of $18.50.

About Ardmore Shipping

Ardmore Shipping Corporation NYSE: ASC is a maritime transportation company that owns and operates a fleet of product and chemical tankers. The company provides seaborne transportation services for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid cargoes.

Ardmore's vessels primarily serve international trade routes, transporting cargoes between major energy and industrial markets. Its operations include commercial management, chartering and technical management of its fleet, with an emphasis on safe, efficient and environmentally responsible maritime transportation.

Founded in 2010, Ardmore Shipping is headquartered in Hamilton, Bermuda.

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