Ardmore Shipping (NYSE:ASC) Trading Up 8.5% Following Earnings Beat

Ardmore Shipping Co. (NYSE:ASC)’s share price was up 8.5% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $19.12 and last traded at $19.10. Approximately 350,835 shares were traded during trading, a decline of 43% from the average daily volume of 613,349 shares. The stock had previously closed at $17.60.

The shipping company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.05. The firm had revenue of $106.30 million during the quarter, compared to analyst estimates of $72.46 million. Ardmore Shipping had a return on equity of 22.76% and a net margin of 29.50%. Ardmore Shipping’s quarterly revenue was down 10.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.04 earnings per share.

Ardmore Shipping Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.00%. This is a boost from Ardmore Shipping’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Friday, May 31st. Ardmore Shipping’s dividend payout ratio is 30.77%.

Wall Street Analysts Forecast Growth

ASC has been the topic of a number of recent research reports. StockNews.com upgraded Ardmore Shipping from a “hold” rating to a “buy” rating in a research note on Tuesday. Stifel Nicolaus raised their price target on Ardmore Shipping from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Finally, Jefferies Financial Group upped their price objective on Ardmore Shipping from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday.

Hedge Funds Weigh In On Ardmore Shipping

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASC. Capricorn Fund Managers Ltd acquired a new position in Ardmore Shipping during the 4th quarter worth $423,000. Russell Investments Group Ltd. boosted its holdings in Ardmore Shipping by 51.1% during the fourth quarter. Russell Investments Group Ltd. now owns 606,898 shares of the shipping company’s stock worth $8,551,000 after buying an additional 205,245 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in shares of Ardmore Shipping by 23.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 291,861 shares of the shipping company’s stock worth $3,797,000 after acquiring an additional 55,813 shares in the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of Ardmore Shipping by 9.7% in the 4th quarter. Stratos Wealth Partners LTD. now owns 35,214 shares of the shipping company’s stock worth $496,000 after acquiring an additional 3,108 shares during the last quarter. Finally, Bailard Inc. acquired a new position in shares of Ardmore Shipping in the fourth quarter worth about $239,000. 62.22% of the stock is owned by institutional investors.

Ardmore Shipping Trading Up 1.1 %

The firm has a market cap of $839.35 million, a PE ratio of 7.48 and a beta of 0.36. The company’s 50-day moving average is $16.52 and its 200 day moving average is $15.31. The company has a current ratio of 3.75, a quick ratio of 3.38 and a debt-to-equity ratio of 0.15.

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.