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Ardmore Shipping (ASC) Moves 5.6% Higher: Will This Strength Last?

Zacks Equity Research
·2-min read

Ardmore Shipping (ASC) shares ended the last trading session 5.6% higher at $13.71. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 10.6% loss over the past four weeks.

The uptick was owing to the bullishness surrounding the tanker market as both crude and product tanker rates are currently at healthy levels, despite minor hiccups. The optimism surrounding the stock can be gauged from the fact that ASC shares gained 61% over the past six months.

This shipping company is expected to post quarterly earnings of $1.11 per share in its upcoming report, which represents a year-over-year change of +544%. Revenues are expected to be $83.94 million, up 201.2% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For Ardmore Shipping, the consensus EPS estimate for the quarter has been revised 27.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ASC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Ardmore Shipping belongs to the Zacks Transportation - Shipping industry. Another stock from the same industry, Golar LNG (GLNG), closed the last trading session 1.4% lower at $23.47. Over the past month, GLNG has returned 2%.

Golar LNG's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.44. Compared to the company's year-ago EPS, this represents a change of +100%. Golar LNG currently boasts a Zacks Rank of #4 (Sell).

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Ardmore Shipping Corporation (ASC) : Free Stock Analysis Report

Golar LNG Limited (GLNG) : Free Stock Analysis Report

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Zacks Investment Research