Cleaves Securities Thinks Avance Gas Holding’s Stock is Going to Recover

In a report issued on July 7, Joakim Hannisdahl from Cleaves Securities maintained a Buy rating on Avance Gas Holding (AVACFResearch Report), with a price target of NOK26.00. The company’s shares closed last Tuesday at $1.89, close to its 52-week low of $1.49.

According to TipRanks.com, Hannisdahl is a 1-star analyst with an average return of -0.5% and a 50.6% success rate. Hannisdahl covers the Services sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Eagle Bulk Shipping.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Avance Gas Holding with a $2.77 average price target.

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Based on Avance Gas Holding’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $68.14 million and net profit of $15.1 million. In comparison, last year the company earned revenue of $27.75 million and had a GAAP net loss of $15.18 million.

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Avance Gas Holding Ltd is engaged in the transportation of liquefied petroleum gas (LPG). It owns and operates very large gas carriers (VLGCs) providing transportation services to oil majors and traders of LPG on a global basis. It operates a fleet of vessels providing customers with global transportation services through the combination of the contract of affreightments and spot market voyages. The company transports liquefied petroleum gas from the Middle East Gulf and the United States Gulf to destinations in Europe, South America and Asia. The company operates through the single segment being Liquefied Petroleum Gas.