Aegean Marine Petroleum Network Inc. (NYSE:ANW) announced financial and operating results for the third quarter ended September 30, 2016.
Nikolas Tavlarios, Aegeans President, commented, We delivered another quarter of solid results against a backdrop of slowness in the container segment and volatile commodity markets. Despite these headwinds, we continue to achieve profitability and strong volumes with our fourth consecutive quarter of selling more than 4 million metric tons of bunker fuel. Our diversified platform, recent expansion in new attractive markets and our back-to-back trading businesses contributed to our growth during the quarter.
Mr. Tavlarios concluded, Aegean has transformed into a diversified business with operations around the world and we look forward to additional opportunities ahead. We are proud of what we have created and our ability to serve more customers across our global footprint as a leader in the physical supply and marketing of marine fuel. We remain committed to executing our strategic initiatives and leveraging our scale to drive growth and shareholder value.
Aegean Marine Equity Analysis
Aegean Marine Petroleum Network Inc. (NYSE:ANW) opened trading today as $10.52 and is trading in the range of 9.75-10.68 today. Aegean Marine’s current market cap stands at $414.72 Million.
Aegean Marine is currently covered by 3 Wall Street analysts. The mean target price is $14.00 according to First Call. This presents a solid upside to the current price of the equity. The Mean Recommendation sits at 1.7 which is based on 2 Buy and 1 Hold ratings.
The current quarter EPS consensus estimate is .36 with revenue estimates of 990.23M. Sales are expected to grow at a 6.60% rate. Aegean Marine reported actual earnings last quarter of 0.45 which beats the .33 consensus estimate, a 36.40% surprise.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company. The Company markets and physically supplies refined marine fuel and lubricants to vessels in port, at sea and on rivers. As a physical supplier, the Company procures marine fuel from refineries, oil producers and other sources, and resells and delivers these fuels from its bunkering vessels to a range of end users. The Company owns and operates a fleet of approximately 50 bunkering vessels. The Company operates over 10 land-based storage facilities. The Company operates a vessel as a floating storage facility with a cargo carrying capacity of approximately 19,900 deadweight tonnage (dwt). The Company provides fueling services to various types of ocean-going and various types of coastal vessels, such as oil tankers, container ships, drybulk carriers, cruise ships, reefers, liquefied natural gas (LNG)/liquefied petroleum gas (LPG) carriers, car carriers and ferries.