Ardmore Shipping (NYSE:ASC) Releases Earnings Results, Misses Estimates By $0.08 EPS

Ardmore Shipping (NYSE:ASC) announced its quarterly earnings results on Thursday. The shipping company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.08), Zacks reports. Ardmore Shipping had a net margin of 36.22% and a return on equity of 23.63%.

Ardmore Shipping Price Performance

ASC stock traded down $0.55 during midday trading on Thursday, reaching $10.99. 605,294 shares of the company’s stock traded hands, compared to its average volume of 717,224. The company has a quick ratio of 3.26, a current ratio of 3.57 and a debt-to-equity ratio of 0.03. The company has a market cap of $459.82 million, a price-to-earnings ratio of 3.06 and a beta of 0.25. The company has a 50-day simple moving average of $11.90 and a two-hundred day simple moving average of $14.87. Ardmore Shipping has a 1-year low of $10.86 and a 1-year high of $23.44.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ASC. Jefferies Financial Group cut their price target on shares of Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Stifel Nicolaus lowered Ardmore Shipping from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $24.00 to $17.00 in a research note on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $20.00.

About Ardmore Shipping

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.