Brokerages Anticipate Ardmore Shipping Corp (NYSE:ASC) Will Post Quarterly Sales of $40.74 Million

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Wall Street analysts forecast that Ardmore Shipping Corp (NYSE:ASC) will announce sales of $40.74 million for the current quarter, Zacks reports. Two analysts have issued estimates for Ardmore Shipping’s earnings, with the highest sales estimate coming in at $41.80 million and the lowest estimate coming in at $39.68 million. Ardmore Shipping reported sales of $28.33 million in the same quarter last year, which indicates a positive year over year growth rate of 43.8%. The company is expected to issue its next earnings results on Wednesday, February 5th.

On average, analysts expect that Ardmore Shipping will report full-year sales of $136.65 million for the current fiscal year, with estimates ranging from $135.59 million to $137.71 million. For the next fiscal year, analysts anticipate that the business will post sales of $163.38 million, with estimates ranging from $159.11 million to $167.66 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Ardmore Shipping.

Ardmore Shipping (NYSE:ASC) last issued its earnings results on Tuesday, November 5th. The shipping company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. Ardmore Shipping had a negative return on equity of 6.11% and a negative net margin of 18.34%. The business had revenue of $52.10 million during the quarter, compared to the consensus estimate of $29.98 million. During the same period last year, the company earned ($0.37) EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis.

ASC has been the subject of a number of recent research reports. Zacks Investment Research raised Ardmore Shipping from a “sell” rating to a “hold” rating in a research note on Monday, October 28th. Stifel Nicolaus downgraded Ardmore Shipping from a “buy” rating to a “hold” rating and raised their target price for the stock from $9.00 to $9.50 in a research note on Thursday, October 17th. Finally, Fearnley Fonds downgraded Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $8.33.

Shares of ASC opened at $7.88 on Tuesday. Ardmore Shipping has a 52-week low of $4.22 and a 52-week high of $9.79. The company has a market capitalization of $264.45 million, a PE ratio of -7.58 and a beta of 1.24. The stock has a fifty day simple moving average of $8.33 and a two-hundred day simple moving average of $7.39. The company has a quick ratio of 1.34, a current ratio of 1.50 and a debt-to-equity ratio of 1.20.

Large investors have recently modified their holdings of the stock. Bank of Montreal Can increased its position in shares of Ardmore Shipping by 17,931.6% during the 2nd quarter. Bank of Montreal Can now owns 3,426 shares of the shipping company’s stock worth $28,000 after purchasing an additional 3,407 shares during the last quarter. A.R.T. Advisors LLC acquired a new stake in shares of Ardmore Shipping during the 2nd quarter worth about $88,000. Stifel Financial Corp acquired a new stake in shares of Ardmore Shipping during the 3rd quarter worth about $74,000. Wolverine Trading LLC acquired a new stake in shares of Ardmore Shipping during the 2nd quarter worth about $102,000. Finally, Cutler Group LP increased its position in shares of Ardmore Shipping by 229.4% during the 2nd quarter. Cutler Group LP now owns 15,153 shares of the shipping company’s stock worth $123,000 after purchasing an additional 10,553 shares during the last quarter. 88.80% of the stock is owned by hedge funds and other institutional investors.

About Ardmore Shipping

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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