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Strength Seen in Ardmore Shipping (ASC): Can Its 12.8% Jump Turn into More Strength?
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Ardmore Shipping (ASC - Free Report) shares ended the last trading session 12.8% higher at $6.33. 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 28.1% gain over the past four weeks.
The upsurge was part of the brodeer rally by tanker stocks on Apr 27. Tanker stocks including Ardmore Shipping gained yesterday, following Russia's decision to halt gas supplies to Bulgaria and Poland,
This shipping company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of +53.9%. Revenues are expected to be $32.91 million, up 30.8% 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.
For Ardmore Shipping, the consensus EPS estimate for the quarter has been revised 65.8% 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.
Ardmore Shipping is a member of the Zacks Transportation - Shipping industry. One other stock in the same industry, Eneti , finished the last trading session 4.9% higher at $6.16. NETI has returned -6.5% over the past month.
Eneti's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.45. Compared to the company's year-ago EPS, this represents a change of -116.4%. Eneti currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Ardmore Shipping (ASC): Can Its 12.8% Jump Turn into More Strength?
Ardmore Shipping (ASC - Free Report) shares ended the last trading session 12.8% higher at $6.33. 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 28.1% gain over the past four weeks.
The upsurge was part of the brodeer rally by tanker stocks on Apr 27. Tanker stocks including Ardmore Shipping gained yesterday, following Russia's decision to halt gas supplies to Bulgaria and Poland,
This shipping company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of +53.9%. Revenues are expected to be $32.91 million, up 30.8% 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.
For Ardmore Shipping, the consensus EPS estimate for the quarter has been revised 65.8% 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 a member of the Zacks Transportation - Shipping industry. One other stock in the same industry, Eneti , finished the last trading session 4.9% higher at $6.16. NETI has returned -6.5% over the past month.
Eneti's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.45. Compared to the company's year-ago EPS, this represents a change of -116.4%. Eneti currently boasts a Zacks Rank of #3 (Hold).