Gener8 Maritime Inc (NASDAQ:GNRT) – Equities researchers at Seaport Global Securities cut their Q3 2016 earnings per share (EPS) estimates for Gener8 Maritime in a report issued on Tuesday. Seaport Global Securities analyst M. Fyhr now forecasts that the firm will post earnings per share of $0.15 for the quarter, down from their previous forecast of $0.30. Seaport Global Securities also issued estimates for Gener8 Maritime’s Q4 2016 earnings at $0.18 EPS, FY2016 earnings at $1.59 EPS, Q1 2017 earnings at $0.29 EPS, Q2 2017 earnings at $0.31 EPS, Q3 2017 earnings at $0.30 EPS, Q4 2017 earnings at $0.30 EPS and FY2017 earnings at $1.21 EPS.
Several other brokerages have also recently commented on GNRT. Zacks Investment Research cut shares of Gener8 Maritime from a “hold” rating to a “sell” rating in a research report on Monday, July 25th. Morgan Stanley reaffirmed an “equal weight” rating and set a $5.00 price target (down previously from $9.00) on shares of Gener8 Maritime in a research report on Friday, August 26th. Jefferies Group reaffirmed a “buy” rating and set a $13.00 price target (down previously from $17.00) on shares of Gener8 Maritime in a research report on Wednesday, July 27th. Finally, Citigroup Inc. reduced their price target on shares of Gener8 Maritime from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th.
Shares of Gener8 Maritime (NASDAQ:GNRT) traded down 1.52% during midday trading on Thursday, hitting $5.19. The stock had a trading volume of 86,008 shares. Gener8 Maritime has a one year low of $4.70 and a one year high of $12.15. The firm has a 50 day moving average of $5.28 and a 200-day moving average of $6.21. The company has a market cap of $429.11 million and a P/E ratio of 2.42.
Gener8 Maritime (NASDAQ:GNRT) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by $0.01. The business earned $105.96 million during the quarter, compared to the consensus estimate of $109.89 million. During the same quarter in the previous year, the company earned $0.68 earnings per share. The company’s quarterly revenue was down 9.0% compared to the same quarter last year.
A number of large investors have recently added to or reduced their stakes in the company. Boston Partners raised its stake in shares of Gener8 Maritime by 78.8% in the second quarter. Boston Partners now owns 1,282,908 shares of the company’s stock valued at $8,211,000 after buying an additional 565,513 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Gener8 Maritime by 131.9% in the second quarter. BlackRock Fund Advisors now owns 933,332 shares of the company’s stock valued at $5,973,000 after buying an additional 530,872 shares during the last quarter. UBS Oconnor LLC raised its stake in shares of Gener8 Maritime by 16.3% in the second quarter. UBS Oconnor LLC now owns 926,211 shares of the company’s stock valued at $5,928,000 after buying an additional 130,039 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Gener8 Maritime by 61.8% in the second quarter. Point72 Asset Management L.P. now owns 885,100 shares of the company’s stock valued at $5,665,000 after buying an additional 337,900 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of Gener8 Maritime by 37.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 879,557 shares of the company’s stock valued at $5,629,000 after buying an additional 241,741 shares during the last quarter.
In related news, VP Leonard J. Vrondissis sold 14,312 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $5.30, for a total transaction of $75,853.60. Following the sale, the vice president now owns 9,583 shares in the company, valued at $50,789.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
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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