Gener8 Maritime Inc (GNRT) Rating Lowered to Strong Sell at Zacks Investment Research
Gener8 Maritime Inc (NASDAQ:GNRT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Gener8 Maritime, Inc. offers marine transportation services. The Company is involved in the transportation of crude oil and petroleum products. Gener8 Maritime, Inc. is headquartered in New York. “
A number of other research firms have also issued reports on GNRT. Morgan Stanley restated an “equal weight” rating and issued a $5.00 target price (down previously from $9.00) on shares of Gener8 Maritime in a report on Friday, August 26th. Jefferies Group restated a “buy” rating and issued a $13.00 target price (down previously from $17.00) on shares of Gener8 Maritime in a report on Wednesday, July 27th. Finally, Citigroup Inc. reduced their target price on Gener8 Maritime from $12.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, July 28th.
Gener8 Maritime (NASDAQ:GNRT) opened at 5.08 on Thursday. Gener8 Maritime has a 1-year low of $4.70 and a 1-year high of $11.97. The company has a 50 day moving average price of $5.27 and a 200 day moving average price of $6.19. The firm has a market cap of $420.02 million and a PE ratio of 2.37.
Gener8 Maritime (NASDAQ:GNRT) last released its earnings results on Wednesday, July 27th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by $0.01. The firm earned $105.96 million during the quarter, compared to the consensus estimate of $109.89 million. The firm’s quarterly revenue was down 9.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 EPS. On average, equities research analysts forecast that Gener8 Maritime will post $1.85 earnings per share for the current year.
In other news, VP Leonard J. Vrondissis sold 14,312 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $5.30, for a total value of $75,853.60. Following the completion of the sale, the vice president now owns 9,583 shares in the company, valued at $50,789.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Several hedge funds have recently made changes to their positions in the company. Alliancebernstein L.P. purchased a new stake in shares of Gener8 Maritime during the second quarter valued at about $125,000. American International Group Inc. raised its stake in shares of Gener8 Maritime by 131.1% in the second quarter. American International Group Inc. now owns 22,600 shares of the company’s stock valued at $145,000 after buying an additional 12,821 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Gener8 Maritime by 1,565.4% in the second quarter. Tower Research Capital LLC TRC now owns 22,650 shares of the company’s stock valued at $145,000 after buying an additional 21,290 shares in the last quarter. A.R.T. Advisors LLC purchased a new stake in shares of Gener8 Maritime during the second quarter valued at about $188,000. Finally, Rhumbline Advisers raised its stake in shares of Gener8 Maritime by 70.4% in the second quarter. Rhumbline Advisers now owns 37,114 shares of the company’s stock valued at $238,000 after buying an additional 15,329 shares in the last quarter.
Gener8 Maritime Company Profile
Gener8 Maritime, Inc, formerly General Maritime Corporation, is a provider of international seaborne crude oil transportation services. The Company operates through the segment, which includes the transportation of international seaborne crude oil and petroleum products with its fleet of vessels. The Company owns a fleet of over 45 tankers, including 31 vessels on the water consisting of 14 Very Large Crude Carriers (VLCCs), approximately 11 Suezmax vessels, over four Aframax vessels and approximately two Panamax vessels with an aggregate carrying capacity of approximately 6.6 million deadweight tons.
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