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Aegean Marine Shares Fall On Weak 1Q Results

The Associated Press

NEW YORK (AP) — After posting weak first-quarter results, Aegean Marine Petroleum Network Inc. saw its shares tumble Thursday, signaling a prime buying opportunity, said one analyst.

Shares of Aegean, a Greek shipping fuel supplier, slipped $1.32, or 9 percent, to $13.43 in afternoon trading.

On Wednesday after the market closed the company said that its first-quarter profit slid 41 percent to $4.4 million, or 10 cents per share, compared with $7.5 million, or 18 cents per share, during the prior-year period. Revenue fell 31 percent to $365.4 million from $532 million in the first quarter of 2008.

Jefferies & Co. analyst Douglas Mavrinac said, despite limp first-quarter results, he believes the company remains one of the strongest companies in the market, especially as it plans to increase its fleet size to over 50 vessels by mid-2010.

In addition, the bunkering tanker market continues to expand, boosting Aegean's strategic position, Mavrinac said, adding that the sell-off of its stock presents "an excellent buying opportunity in this exceptional long-term growth story."