Ardmore Shipping Corporation (NYSE:ASC) Raises Dividend to $0.79 Per Share

Ardmore Shipping Corporation (NYSE:ASC) announced a quarterly dividend on Wednesday, July 29th. Stockholders of record on Friday, August 28th will be given a dividend of 0.79 per share by the shipping company on Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 19.0%. The ex-dividend date of this dividend is Friday, August 28th. This is a 102.6% increase from Ardmore Shipping’s previous quarterly dividend of $0.39.

Ardmore Shipping has increased its dividend payment by an average of 0.4%per year over the last three years. Ardmore Shipping has a dividend payout ratio of 123.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Ardmore Shipping Stock Up 1.6%

Shares of ASC stock traded up $0.26 on Wednesday, reaching $16.65. 901,309 shares of the stock were exchanged, compared to its average volume of 688,978. The company has a current ratio of 4.87, a quick ratio of 4.43 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average price is $16.43 and its 200 day moving average price is $15.51. The company has a market capitalization of $678.03 million, a price-to-earnings ratio of 12.52 and a beta of 0.04. Ardmore Shipping has a twelve month low of $10.17 and a twelve month high of $20.02.

Ardmore Shipping (NYSE:ASC) last posted its quarterly earnings results on Wednesday, July 29th. The shipping company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.07. The company had revenue of $116.21 million for the quarter, compared to analysts’ expectations of $86.30 million. Ardmore Shipping had a return on equity of 9.63% and a net margin of 18.00%.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.

Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.