Ardmore Shipping Gets a Buy Rating from Jefferies

By Austin Angelo

Jefferies analyst Douglas Mavrinac reiterated a Buy rating on Ardmore Shipping (NYSE: ASC) today and set a price target of $10. The company’s shares closed last Friday at $7.45.

According to TipRanks.com, Mavrinac is a 4-star analyst with an average return of 4.1% and a 44.2% success rate. Mavrinac covers the Services sector, focusing on stocks such as Navios Maritime Partners Lp, Ship Finance International, and Golden Ocean Group Limited.

Ardmore Shipping has an analyst consensus of Moderate Buy, with a price target consensus of $10.

Based on Ardmore Shipping’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $49.67 million and GAAP net loss of $2.17 million. In comparison, last year the company earned revenue of $43.54 million and had a net profit of $6.74 million.

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Ardmore Shipping Corp. operates as a shipping company. It provides seaborne transportation of petroleum products and chemicals to oil majors, national oil companies and traders, chemical traders and companies, with its fuel-efficient fleet of tankers. The company was founded by Anthony Gurnee on May 14, 2013 and is headquartered in Hamilton, Bermuda.