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Tue 23 Dec 2014, 18:23 GMT

Investment firm raises Aegean price target


Aegean Marine Petroleum shares today reached a 52-week high of $13.11.

Analysts at brokerage and investment banking firm Stifel Nicolaus have increased their price target on shares of Aegean Marine Petroleum Network from $14.00 to $16.00 in a research report issued to clients and investors today.

The firm - headquarterd in St. Louis, Missouri - currently has a 'buy' rating on the stock.

Aegean shares closed at $12.46 on Monday and have today been trading between $12.52 and a 52-week high of $13.11 per share.

The Greek bunker supplier has a 52-week low of $6.99, a market capitalization of $623.11 million and a price-to-earnings ratio of $35.99.

Aegean reported a net loss for the three months ended September 30, 2014 of $4.3 million, or $0.09 basic and diluted loss per share, compared to a net income of $7.3 million, or $0.16 basic and diluted earnings per share, during the corresponding period last year.

Total revenues for the three-month period rose by $207.7 million, or 13.0%, to $1,809.7 million compared to $1,602.0 million the previous year.

Sales of marine petroleum products increased by $201.1 million, or 12.6%, to $1,791.3 million compared to $1,590.2 million during the same period in 2013.

The volume of marine fuel sold between July and September increased by 462,425 tonnes, or 18.5%, to 2,958,882 metric tonnes compared to 2,496,457 metric tonnes last year.

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