Investors Back Aegean as Share Price Hits Another 52-Week High

by Ship & Bunker News Team
Monday January 5, 2015

Shares in New York-listed Aegean Marine Petroleum Network [NYSE: ANW] (Aegean) saw a strong performance in December and hit another 52-week high on Friday, market data shows.

On January 2, 2015 the price hit $14.19 before closing at $13.97.

In November shares in the bunker supplier recovered from a sharp dip in October and have been steadily rising over the last month after a flurry of activity following the collapse of OW Bunker in November.

In early December Aegean confirmed it would "integrate much of the former OW Bunker operating infrastructure in Los Angeles into the Aegean organization."

Less than two weeks later it said it had expanded its physical supply operations into the Gulf of Mexico having taken over the contracts for two ocean-going bunkering tankers previously under charter to OW Bunker.

Last month American Banking News reported that Stifel Nicolaus increased its target price for Aegean shares from $14.00 to $16.00.

In comparison, December saw shares in World Fuel Services Corp. [NYSE:INT] (WFS) trade much flatter, having also recovered from a sharp dip in October.

On Friday WFS shares closed up at $47.40 with a 52-week range of $35.01 to $49.80.

In November both WFS and Aegean were tipped for growth by investment analysts, the same month that Aegean's President E. Nikolas Tavlarios said 2015 "may be a landmark year" for the bunker supplier.

Ship & Bunker News Team
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