Graham CEO explains downturn in stock price
About 80 analysts gathered outside Buffalo yesterday to hear pitches from a number of Western New York companies about the soundness of their investments, according to the D&C.
Among those attending, Graham Corp. The Batavia-based company has seen it's stock slide from a 52-week high of $54.91 to close Friday at $13.90.
Graham, a regular presenter at the conference, has seen its stock fall sharply in recent weeks as oil prices plunged. The company makes vital equipment for the oil refining and petrochemical industries.
"This isn't a Graham problem," said CEO James Lines. "The whole energy sector fell out of favor."
Lines told investors that the long-term prospects of the energy industry are strong, pointing to plans for 17 refineries in China alone.