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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Aegean Marine Petroleum's share price plummets more than 30%

Stifel calls Q1 results 'one of the worst quarters in the company's history'.





Updated on 24 May 2017 15:02 GMT

Shares in NYSE-listed Aegean Marine Petroleum Network Inc plummeted more than 30 percent on Wednesday following the previous day's release of the company's results for the first quarter.

At the time of writing, shares in Aegean were down $3.45, or 32.86 percent, to $7.07 per share.

Analysts at brokerage and investment banking firm Stifel called the results "one of the worst quarters in the company's history" after the bunker specialist reported that net income fell by $10.4 million, or 88.1 percent, year-on-year, to $1.354 million.

Stifel also downgraded Aegean shares from 'buy' to 'hold', slashing its price target in half from $18.00 to $9.00.

As previously reported, the decline in net income was recorded despite a 102.5 percent year-on-year increase in total revenue to $1.524 billion. Marine fuel sales volume rose by 5.6 percent to 4,450,263 metric tonnes compared to the prior-year period.

More asset-light model

Aegean's CEO, E. Nikolas Tavlarios, indicated on Tuesday that the company was shifting towards a more "asset-light model" and "marketing several vessels for sale, charter, or redeployment".

Back in March, Tavlarios mentioned that the firm was expecting to see "some strong growth" from its bunker trading division - a business that does not have the costs associated with running a physical bunker supply operation.

Launched in early 2015 shortly after the demise of international bunker trading company OW Bunker, the business achieved sales of 512,000 metric tonnes during the fourth quarter of 2016, which was 12.9 percent of Aegean's total sales (3,954,700 tonnes).

The 52-week range for Aegean shares is $5.000 to $13.100, whilst the day's range, at the time of writing, is $6.450 to $7.350 with a market capitalization of $288.944 million.






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