Ardmore Shipping Corporation (ASC) Forecasted to Earn FY2017 Earnings of ($0.19) Per Share
Ardmore Shipping Corporation (NYSE:ASC) – Investment analysts at Jefferies Group issued their FY2017 earnings per share (EPS) estimates for shares of Ardmore Shipping in a report released on Monday. Jefferies Group analyst R. Giveans forecasts that the shipping company will earn ($0.19) per share for the year. Jefferies Group has a “Buy” rating and a $11.00 price objective on the stock. Jefferies Group also issued estimates for Ardmore Shipping’s Q4 2017 earnings at $0.07 EPS and FY2018 earnings at $0.97 EPS.
Other analysts also recently issued reports about the company. Zacks Investment Research downgraded Ardmore Shipping from a “hold” rating to a “sell” rating in a report on Friday, November 3rd. Morgan Stanley increased their price target on Ardmore Shipping from $8.50 to $9.00 and gave the company an “equal weight” rating in a report on Thursday, November 2nd. BidaskClub upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a report on Friday, August 25th. ValuEngine downgraded Ardmore Shipping from a “hold” rating to a “sell” rating in a report on Friday, December 1st. Finally, Stifel Nicolaus set a $10.00 price target on Ardmore Shipping and gave the company a “buy” rating in a report on Monday, August 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $10.20.
Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Wednesday, November 1st. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). Ardmore Shipping had a negative return on equity of 3.08% and a negative net margin of 6.45%. The firm had revenue of $48.70 million during the quarter, compared to the consensus estimate of $29.99 million. During the same period in the prior year, the firm earned ($0.05) EPS. The firm’s quarterly revenue was up 28.2% compared to the same quarter last year.
Several institutional investors have recently made changes to their positions in ASC. Voya Investment Management LLC grew its stake in shares of Ardmore Shipping by 32.4% during the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock valued at $120,000 after acquiring an additional 3,614 shares in the last quarter. Alliancebernstein L.P. acquired a new stake in shares of Ardmore Shipping during the second quarter valued at about $155,000. Citadel Advisors LLC acquired a new position in Ardmore Shipping in the second quarter worth about $174,000. The Manufacturers Life Insurance Company grew its stake in Ardmore Shipping by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock worth $255,000 after purchasing an additional 1,306 shares in the last quarter. Finally, GRT Capital Partners L.L.C. acquired a new position in Ardmore Shipping in the second quarter worth about $303,000. Institutional investors own 75.63% of the company’s stock.
Ardmore Shipping declared that its board has approved a share buyback program on Thursday, August 31st that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the shipping company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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About Ardmore Shipping
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.
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