Ardmore Shipping (NYSE:ASC) Upgraded by StockNews.com to Buy

Ardmore Shipping (NYSE:ASC) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

ASC has been the subject of a number of other research reports. Evercore ISI raised their price target on shares of Ardmore Shipping from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Stifel Nicolaus raised their price target on shares of Ardmore Shipping from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Jefferies Financial Group raised their price target on shares of Ardmore Shipping from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st.

Ardmore Shipping Stock Down 0.5 %

ASC stock opened at $17.60 on Tuesday. The company has a market cap of $715.04 million, a PE ratio of 6.74 and a beta of 0.35. The company has a quick ratio of 3.18, a current ratio of 3.50 and a debt-to-equity ratio of 0.07. Ardmore Shipping has a twelve month low of $11.78 and a twelve month high of $23.44. The business’s 50-day simple moving average is $19.23 and its 200 day simple moving average is $19.18.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Wednesday, July 31st. The shipping company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. The firm had revenue of $121.30 million during the quarter, compared to analysts’ expectations of $80.51 million. Ardmore Shipping had a net margin of 36.31% and a return on equity of 24.26%. The company’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.57 earnings per share. On average, research analysts anticipate that Ardmore Shipping will post 3.46 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Fortitude Family Office LLC raised its position in Ardmore Shipping by 322.0% in the 2nd quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock worth $28,000 after purchasing an additional 953 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Ardmore Shipping in the 2nd quarter worth approximately $29,000. Larson Financial Group LLC bought a new position in Ardmore Shipping in the 2nd quarter worth approximately $34,000. nVerses Capital LLC bought a new position in Ardmore Shipping in the 2nd quarter worth approximately $47,000. Finally, CWM LLC raised its position in Ardmore Shipping by 72.7% in the 2nd quarter. CWM LLC now owns 2,110 shares of the shipping company’s stock worth $48,000 after purchasing an additional 888 shares during the last quarter. Institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.