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Fri 14 Jan 2011, 07:04 GMT

Aegean stock upgraded to 'neutral' rating


Market analysts upgrade shares of bunker supplier in a note to investors.

Research analysts at Zacks Investment Research have upgraded shares of bunker supply firm Aegean Marine Petroleum Network Inc. from an 'underperform' rating to a 'neutral' rating in a note to clients and investors earlier this week.

Shares of Aegean (NYSE: ANW) traded down $0.88 to $11.94 on Thursday with an intra-day range of $11.83 - $12.78.

Aegean's shares have a 52-week low of $8.72 and a 52-week high of $34.90. The stock’s 50-day moving average is $9.74 and its 200-day moving average is $15.43.

The company has a market capitalization of $587.4 million and a price-to-earnings ratio of 13.27.

In November Aegean announced that net income for the third quarter of 2010 fell by $9.5 million, or 67 percent, year-on-year. The lower-than-expected earnings were achieved despite an 82 percent rise in revenue as the cost of marine petroleum products sold jumped 87 percent to $1.275 billion.

The bunker supplier posted a net income of $4.6 million, or $0.10 per share, compared with $14.1 million, or $0.33 per share, during the corresponding quarter in 2009.

The volume of marine fuel sold increased by 66.9 percent to 7,417,270 metric tonnes compared to 4,444,447 metric tonnes during the same period in 2009.

On average, analysts predict that Aegean will post $0.19 earnings per share for the next quarter.

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