Ardmore Shipping (NYSE:ASC) Stock Price Passes Above 50 Day Moving Average - Here's Why

Key Points

• Ardmore Shipping shares moved above their 50-day moving average, reaching $17.87 before last trading at $17.576, compared with a 50-day average of $17.47.
• Analysts have become more bullish, with recent upgrades to “strong buy” and “buy.” The stock has a “Moderate Buy” consensus rating from four analysts, although the average price target is $17.00.
• The company exceeded quarterly expectations, reporting $1.18 in EPS and $116.21 million in revenue, while raising its quarterly dividend to $0.79, representing an annualized yield of approximately 18%.

Ardmore Shipping Corporation (NYSE:ASC - Get Free Report) shares crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $17.47 and traded as high as $17.87. Ardmore Shipping shares last traded at $17.5760, with a volume of 458,769 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ASC. Wall Street Zen raised Ardmore Shipping from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 5th. Weiss Ratings upgraded shares of Ardmore Shipping from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $17.00.

Ardmore Shipping Trading Down 1.1%

The firm has a market capitalization of $715.87 million, a price-to-earnings ratio of 6.79 and a beta of 0.05. The company has a quick ratio of 4.84, a current ratio of 5.45 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average of $17.47 and a two-hundred day moving average of $16.76.

Ardmore Shipping (NYSE:ASC - Get Free Report) last issued its earnings results on Thursday, July 30th. The shipping company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.11 by $0.07. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%.The firm had revenue of $116.21 million during the quarter, compared to analysts' expectations of $86.30 million.

Ardmore Shipping Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, August 28th were paid a $0.79 dividend. The ex-dividend date was Friday, August 28th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 18.0%. This is a positive change from Ardmore Shipping's previous quarterly dividend of $0.39. Ardmore Shipping's dividend payout ratio is currently 122.01%.

Institutional Trading of Ardmore Shipping

Several institutional investors have recently made changes to their positions in the business. Legal & General Group Plc bought a new position in Ardmore Shipping during the second quarter worth about $49,000. EverSource Wealth Advisors LLC grew its stake in shares of Ardmore Shipping by 10.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company's stock valued at $112,000 after purchasing an additional 680 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Ardmore Shipping in the 2nd quarter valued at approximately $170,000. Bleakley Financial Group LLC acquired a new position in shares of Ardmore Shipping in the 1st quarter worth approximately $218,000. Finally, SmartHarvest Portfolios LLC raised its holdings in shares of Ardmore Shipping by 12.0% in the 1st quarter. SmartHarvest Portfolios LLC now owns 16,702 shares of the shipping company's stock worth $255,000 after buying an additional 1,796 shares in the last quarter. 62.22% of the stock is currently owned by institutional investors and hedge funds.

Ardmore Shipping Company Profile

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

Ardmore's fleet is primarily composed of medium-range product tankers and specialized chemical tankers. Its vessels serve international trade routes, transporting cargoes between major refining, storage and consumption markets in regions including North America, Europe, the Mediterranean, the Middle East and Asia.

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

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