Gener8 Maritime Inc (GNRT) Issues Quarterly Earnings Results, Misses Estimates By $0.06 EPS
Gener8 Maritime Inc (NASDAQ:GNRT) posted its quarterly earnings results on Monday. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by $0.06. The company had revenue of $69.10 million for the quarter, compared to analysts’ expectations of $78.71 million. The firm’s quarterly revenue was down 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.44 earnings per share.
Gener8 Maritime (NASDAQ:GNRT) opened at 4.58 on Tuesday. Gener8 Maritime has a one year low of $3.52 and a one year high of $10.12. The stock has a market capitalization of $378.68 million and a PE ratio of 2.14. The firm has a 50-day moving average of $4.76 and a 200-day moving average of $5.75.
Several hedge funds have recently added to or reduced their stakes in GNRT. Alliancebernstein L.P. acquired a new stake in Gener8 Maritime during the second quarter worth approximately $125,000. Tower Research Capital LLC TRC raised its stake in 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 worth $145,000 after buying an additional 21,290 shares in the last quarter. American International Group Inc. raised its stake in Gener8 Maritime by 131.1% in the second quarter. American International Group Inc. now owns 22,600 shares of the company’s stock worth $145,000 after buying an additional 12,821 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Gener8 Maritime during the third quarter worth about $148,000. Finally, A.R.T. Advisors LLC purchased a new stake in Gener8 Maritime during the second quarter worth about $188,000.
GNRT has been the subject of several analyst reports. Citigroup Inc. cut their price target on shares of Gener8 Maritime from $12.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Jefferies Group reissued a “buy” rating and set a $13.00 price target (down from $17.00) on shares of Gener8 Maritime in a report on Wednesday, July 27th. Morgan Stanley reissued an “equal weight” rating and set a $5.00 price target (down from $9.00) on shares of Gener8 Maritime in a report on Friday, August 26th. Finally, Zacks Investment Research raised shares of Gener8 Maritime from a “sell” rating to a “hold” rating in a report on Wednesday, September 28th.
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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