Aegean Marine: Where Will the Stock Price Go?

After last quarter’s earnings report I put forth the opinion that Aegean Marine Petroleum Network (ANW) had a stock price somewhat high in relation to earnings growth. Since then the stock has fallen from the low $40s to the low $30s. I do not know if it was my astute analysis or just crappy market conditions.

For the 2nd quarter the numbers are starting to look a little better. Net income per share of 23¢ is 64% improvement on Q2, 2007 and a nice 28% improvement on Q1, 2008. The 23¢ is pretty much in line with the estimates but the $741 million in revenues blows away the consensus of $616 million.