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Strength Seen in Ardmore Shipping (ASC): Can Its 8% Jump Turn into More Strength?
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Ardmore Shipping (ASC - Free Report) shares soared 8% in the last trading session to close at $7.54. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.7% gain over the past four weeks.
The upsurge was part of the brodeer rally by tanker stocks. Evidently, tanker stocks including Ardmore Shipping have been gaining, following Russia's decision to halt gas supplies to Bulgaria and Poland in April. Moreover, the uptick in economic activities is supporting shipping stocks including Ardmore Shipping
This shipping company is expected to post quarterly earnings of $0.51 per share in its upcoming report, which represents a year-over-year change of +321.7%. Revenues are expected to be $54.03 million, up 101.8% 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 111.1% 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 belongs to the Zacks Transportation - Shipping industry. Another stock from the same industry, Navios Maritime Partners LP (NMM - Free Report) , closed the last trading session 4.4% higher at $31.17. Over the past month, NMM has returned -4.1%.
Navios Maritime Partners LP's consensus EPS estimate for the upcoming report has changed -4% over the past month to $4.35. Compared to the company's year-ago EPS, this represents a change of +0.9%. Navios Maritime Partners LP currently boasts a Zacks Rank of #2 (Buy).
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Strength Seen in Ardmore Shipping (ASC): Can Its 8% Jump Turn into More Strength?
Ardmore Shipping (ASC - Free Report) shares soared 8% in the last trading session to close at $7.54. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.7% gain over the past four weeks.
The upsurge was part of the brodeer rally by tanker stocks. Evidently, tanker stocks including Ardmore Shipping have been gaining, following Russia's decision to halt gas supplies to Bulgaria and Poland in April. Moreover, the uptick in economic activities is supporting shipping stocks including Ardmore Shipping
This shipping company is expected to post quarterly earnings of $0.51 per share in its upcoming report, which represents a year-over-year change of +321.7%. Revenues are expected to be $54.03 million, up 101.8% 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 111.1% 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, Navios Maritime Partners LP (NMM - Free Report) , closed the last trading session 4.4% higher at $31.17. Over the past month, NMM has returned -4.1%.
Navios Maritime Partners LP's consensus EPS estimate for the upcoming report has changed -4% over the past month to $4.35. Compared to the company's year-ago EPS, this represents a change of +0.9%. Navios Maritime Partners LP currently boasts a Zacks Rank of #2 (Buy).