Ardmore Shipping Corp (ASC) was Downgraded by Morgan Stanley to ” Equal-Weight”. Earlier the firm had a rating of “Overweight ” on the company shares. Morgan Stanley advised their investors in a research report released on Aug 25, 2016.
On the company’s financial health, Ardmore Shipping Corp reported $0.18 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.14. The company had revenue of $39.72 million for the quarter, compared to analysts expectations of $32.55 million. The company’s revenue was up 1.0% compared to the same quarter last year.
Ardmore Shipping Corp opened for trading at $7.84 and hit $7.98 on the upside on Tuesday, eventually ending the session at $7.84, with a gain of 0.51% or 0.04 points. The heightened volatility saw the trading volume jump to 1,69,433 shares. Company has a market cap of $263 M.
Ardmore Shipping Corporation (Ardmore) provides seaborne transportation of petroleum products and chemicals to oil companies national oil companies oil and chemical traders and chemical companies with its fleet of mid-size product and chemical tankers. As of December 31 2014 Ardmore had 14 vessels in operation and 10 vessels under construction. The Company’s vessels include Ardmore Seavaliant Ardmore Seaventure Ardmore Endeavour Ardmore Seafarer Ardmore Centurion and Ardmore Capella among others. Ardmore has 32 wholly owned subsidiaries which represent single ship-owning companies for the Company’s fleet. Ardmore Shipping (Bermuda) Limited (ASBL) carries out the Ardmore’s management services and functions. Ardmore Shipping Services (Ireland) Limited (ASSIL) which is a subsidiary incorporated in Ireland provides the Company’s corporate accounting and fleet administration services.