Evercore ISI Issues Positive Forecast for Ardmore Shipping (NYSE:ASC) Stock Price

Ardmore Shipping (NYSE:ASC) had its target price raised by Evercore ISI from $13.00 to $15.00 in a research report released on Tuesday, MarketBeat reports. They currently have an outperform rating on the shipping company’s stock.

ASC has been the topic of several other reports. Jefferies Financial Group restated a “buy” rating and issued a $14.00 price objective on shares of Ardmore Shipping in a report on Wednesday, July 30th. Zacks Research lowered shares of Ardmore Shipping from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ardmore Shipping in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Ardmore Shipping has an average rating of “Moderate Buy” and an average target price of $13.33.

Ardmore Shipping Stock Up 2.9%

Shares of ASC opened at $12.65 on Tuesday. The firm has a market cap of $514.01 million, a P/E ratio of 12.29 and a beta of 0.09. Ardmore Shipping has a 12-month low of $8.32 and a 12-month high of $14.41. The company’s 50-day moving average price is $11.96 and its 200 day moving average price is $10.67. The company has a current ratio of 3.88, a quick ratio of 3.56 and a debt-to-equity ratio of 0.04.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings data on Wednesday, July 30th. The shipping company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.04. The firm had revenue of $72.05 million for the quarter, compared to analyst estimates of $44.92 million. Ardmore Shipping had a net margin of 14.48% and a return on equity of 8.46%. Ardmore Shipping’s revenue was down 40.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.14 EPS. On average, sell-side analysts forecast that Ardmore Shipping will post 1.06 earnings per share for the current year.

Hedge Funds Weigh In On Ardmore Shipping

Several institutional investors have recently bought and sold shares of ASC. Pinnacle Holdings LLC acquired a new position in Ardmore Shipping in the 1st quarter valued at about $27,000. MeadowBrook Investment Advisors LLC acquired a new position in shares of Ardmore Shipping during the second quarter worth about $33,000. SBI Securities Co. Ltd. grew its position in shares of Ardmore Shipping by 545.0% during the first quarter. SBI Securities Co. Ltd. now owns 3,683 shares of the shipping company’s stock worth $36,000 after buying an additional 3,112 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Ardmore Shipping during the second quarter worth about $38,000. Finally, GAMMA Investing LLC grew its position in shares of Ardmore Shipping by 288.1% during the second quarter. GAMMA Investing LLC now owns 6,310 shares of the shipping company’s stock worth $61,000 after buying an additional 4,684 shares in the last quarter. 62.22% of the stock is owned by institutional investors and hedge funds.

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.