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Research analysts at New York-based investment bank Rodman & Renshaw have downgraded shares of Andatee China Marine Fuel Services from an 'outperform' rating to a 'market perform' rating.

Shares of Andatee on the NASDAQ stock exchange opened at $1.57 per share on Thursday. The company has a 52-week trading range of $1.50-$6.44. The stock's 50-day moving average is $2.45 and its 200-day moving average is $3.44. Andatee has a market market capitalization of $15.81 million and a price-to-earnings ratio of 1.60.

Andatee is engaged in the production storage and distribution of blended marine fuel. The company's operating business, Dalian Xingyuan Marine Bunker Company Ltd., supplies mainly 180-centistoke (cst) and 120-cst product to small and medium-sized fishing vessels and cargo ships in the provinces of Liaoning, Shandong and Zhejiang. Founded in 2001, Dalian Xingyuan currently operates three bunkering tankers and one specialized oil supply wharf.

Andatee made its stock market debut on the NASDAQ exchange in January 2010. The company raised $19.8 million in the initial public stock offering (IPO), selling over 3.1 million shares at the low end of the expected pricing range.

Following the NASDAQ IPO, Andatee achieved impressive financial results, recording a net income increase of 52 percent in Q2 2010, 74 percent in Q3 2010, 29 percent in Q4 2010 and 65 percent in Q1 2011. In its full year results for 2010, Andatee achieved a 38.7 percent rise in net income.

Earlier this week, however, Andatee recorded a 48 percent decrease in net income for the second quarter despite a rise in revenues and volume sold. Net profit attributable to shareholders was $1.4 million compared to $2.7 million in the prior-year period. The company said the decrease was primarily due to increased global oil prices and higher general and administrative expenses.

Total revenues during the period were $63.1 million, an increase of 43.3 percent year-on-year.