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Ardmore Shipping (ASC) Surges 6.1%: Is This an Indication of Further Gains?

Zacks Equity Research
·2-min read

Ardmore Shipping (ASC) shares soared 6.1% in the last trading session to close at $16.76. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 21.3% gain over the past four weeks.

Ardmore Shipping is being well-served by the bullishness surrounding the tanker market as both crude and product tanker rates are currently at healthy levels. Driven by the optimism, ASC's shares have surged more than 300% in a year's time.

This shipping company is expected to post quarterly earnings of $1.28 per share in its upcoming report, which represents a year-over-year change of +612%. Revenues are expected to be $83.94 million, up 201.2% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For Ardmore Shipping, the consensus EPS estimate for the quarter has been revised 7.8% 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 is part of the Zacks Transportation - Shipping industry. Golar LNG (GLNG), another stock in the same industry, closed the last trading session 0.6% lower at $23.31. GLNG has returned 8% in the past month.

For Golar LNG , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.44. This represents a change of +100% from what the company reported a year ago. Golar LNG currently has 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

To read this article on Zacks.com click here.

Zacks Investment Research