Jefferies Cuts Price Target on Aegean Marine (ANW) Following 1 Miss

Jefferies maintained a Buy rating on Aegean Marine Petroleum Network (NYSE: ANW), and cut the price target to $14.00 (from $15.00), following the company's 1Q earnings report. Aegean reported EPS of $0.24, missing the Street's consensus estimate of $0.25.

Analyst Douglas J. Mavrinac commented, "Yesterday after the market close, Aegean reported 1Q16 EPS of $0.24, which was below both Street consensus of $0.25 and our estimate of $0.27 as record sales volumes of 4.2 million metric tons were offset by a lower gross spread of $17.60. Aegean continues to benefit from the improving global shipping markets as well as initiatives the Company has undertaken to diversify revenue sources and reduce expenses."

For an analyst ratings summary and ratings history on Aegean Marine Petroleum Network click here. For more ratings news on Aegean Marine Petroleum Network click here.

Shares of Aegean Marine Petroleum Network closed at $6.85 yesterday.

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