Analysts Continue to Have Confidence in Aegean Performance

by Ship & Bunker News Team
Wednesday January 28, 2015

Analysts Zacks Investment Research (Zacks) Monday upgraded its view of Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean)'s prospects, American Banking News reports.

Zacks upgraded Aegean's shares from "neutral" to "outperform" in a note to investors, attaching a target price of $15.50 to the shares.

The move by Zacks signals confidence in Aegean's future earnings potential, suggesting an upside of 9.5 percent on the current share price.

It is understood that Aegean's most recent quarterly results, announced in November, missed analyst expectations, with the company posting earnings per share of minus $0.16.

However, analysts are now predicting that Aegean will report earnings per share of $0.81 for the year.

Earlier this month, analysts at Stifel Nicolaus are said to have raised their target price for Aegean shares from $16 to $17 and gave the company a "buy" rating.

In recent months Aegean has been very active in expanding its operations with moves on the U.S. West Coast, Gulf of Mexico, Germany, and Russia by capitalising on the November collapse of OW Bunker.

Aegean President E. Nikolas Tavlarios has been keen to stress that it remains "committed to a risk-averse growth strategy" and will not follow in the footsteps of its former competitor, the downfall of which was brought about in part due to what it called a $150 million risk management related loss.

Last week Aegean announced that Adrian Tolson, formerly General Manager, OW Bunker – North America, had joined the company as its new Managing Director of subsidiary, Aegean Oil USA LLC.

Ship & Bunker News Team
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