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Aegean Marine Petroleum Network Inc. (ANW) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Aegean Marine Petroleum Network Inc. (NYSE:ANW) from a sell rating to a hold rating in a research note issued to investors.

According to Zacks, “AEGEAN MARINE PETROLEUM is a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea. They intends to focus on growing its fleet of double hull bunkering tankers and expanding its service centers in strategic locations worldwide to further enhance the Companys extensive customer relationships and leading industry position. “

A number of other brokerages also recently weighed in on ANW. Stifel Nicolaus reiterated a buy rating and set a $9.00 price target on shares of Aegean Marine Petroleum Network in a report on Friday, July 21st. Jefferies Group LLC restated a buy rating and issued a $8.00 target price on shares of Aegean Marine Petroleum Network in a research note on Friday, August 11th. ValuEngine upgraded Aegean Marine Petroleum Network from a hold rating to a buy rating in a research note on Monday, October 2nd. Finally, Clarkson Capital upgraded Aegean Marine Petroleum Network from a neutral rating to a buy rating and set a $6.00 target price on the stock in a research note on Friday, August 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $7.67.

Aegean Marine Petroleum Network (NYSE:ANW) last issued its quarterly earnings results on Thursday, August 10th. The oil and gas company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.10. Aegean Marine Petroleum Network had a return on equity of 7.97% and a net margin of 0.56%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. Aegean Marine Petroleum Network’s revenue for the quarter was up 45.9% compared to the same quarter last year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Karp Capital Management Corp purchased a new position in Aegean Marine Petroleum Network in the first quarter valued at about $152,000. Verition Fund Management LLC purchased a new position in Aegean Marine Petroleum Network in the second quarter valued at about $163,000. Virtu KCG Holdings LLC grew its stake in Aegean Marine Petroleum Network by 107.7% in the second quarter. Virtu KCG Holdings LLC now owns 30,364 shares of the oil and gas company’s stock valued at $178,000 after purchasing an additional 15,746 shares in the last quarter. Northern Trust Corp grew its stake in Aegean Marine Petroleum Network by 107.8% in the second quarter. Northern Trust Corp now owns 31,785 shares of the oil and gas company’s stock valued at $187,000 after purchasing an additional 16,489 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Aegean Marine Petroleum Network in the first quarter valued at about $418,000. Hedge funds and other institutional investors own 70.57% of the company’s stock.
Source: MarketBeat

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