Ashtead Technology (LON:AT) Shares Down 0.4%
Ashtead Technology Holdings Plc, a notable name in the subsea equipment rental industry, saw its share price decrease by 0.4% on Thursday. The stock fell to as low as GBX 708 before stabilizing at GBX 715 by the end of the day. A total of 236,675 shares were traded during mid-day trading, a significant activity for the company that closed previously at GBX 718.
Dividend Announcement
Good news for investors: Those who were on record as of Thursday, May 2nd, received a dividend of GBX 1.10 per share. This is an increase from the previous dividend of $1.00. With a yield of 0.15%, this dividend was paid out on Monday, June 3rd. The ex-dividend date was notably on Thursday, May 2nd too.
Ashtead Technology Price Performance
The company has a market capitalization of £570.14 million. It holds a very high P/E ratio of 2,648.15 and a beta of 0.31. These figures suggest some volatility in the stock but a potentially high return on investment over time.
Financial Health Indicators
- Debt-to-equity ratio: 74.30
- Current ratio: 1.33
- Quick ratio: 1.46
These ratios indicate the company's capability to fulfill its debt obligations and manage its short-term liabilities effectively.
Recent Analyst Views
In a positive outlook for the company, Berenberg Bank lifted its target price for Ashtead Technology from GBX 700 to GBX 775 and gave it a "buy" rating in a report dated Tuesday, April 16th. This indicates a bullish sentiment from the financial analyst community regarding Ashtead Technology's future performance.
Insider Transactions
Recently, there were notable insider transactions:
- Allan Pirie, an insider, sold 270,926 shares at GBX 791 each, amounting to a total value of £2,143,024.66.
- Ingrid Stewart sold 82,471 shares at GBX 743 each, totaling £612,759.53.
About Ashtead Technology
Ashtead Technology Holdings Plc provides subsea equipment rental solutions for the offshore energy sector across Europe, the Americas, the Asia-Pacific, and the Middle East. Their offerings include:
- Survey and robotics equipment: This includes tools for geophysical, hydrographic, and land surveying, among others.
- Mechanical solutions: These range from subsea cutting and coating removal to ROV and driver tooling.
- Asset integrity solutions: Services like imaging and inspection, environmental monitoring, and 3D imaging are also part of their portfolio.
These comprehensive services make Ashtead Technology a critical player in ensuring the operational efficiency and environmental safety of offshore energy operations.
Ashtead Technology remains a solid investment for those looking at the offshore energy sector, despite the minor dip in stock price. With strong financial health indicators and positive outlooks from financial analysts, the company shows promise for future growth.
Key Takeaways:
- Ashtead Technology shares fell slightly by 0.4% but showed stability.
- The company raised its dividend to GBX 1.10 per share.
- Positive analyst ratings and strong financial indicators signal potential growth.
- Significant insider trading activity was recently reported.
- The company continues to be a pivotal player in the offshore energy sector with a wide range of services.
