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 analysts have also commented on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $5.00 target price (down previously from $9.00) on shares of Gener8 Maritime in a report on Friday, August 26th. Jefferies Group reaffirmed a “buy” rating on shares of Gener8 Maritime in a report on Monday, September 12th. Finally, Citigroup Inc. lowered their target price 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.
Shares of Gener8 Maritime (NASDAQ:GNRT) opened at 5.08 on Thursday. The stock has a market capitalization of $420.02 million and a price-to-earnings ratio of 2.37. Gener8 Maritime has a one year low of $4.70 and a one year high of $11.97. The company’s 50 day moving average price is $5.27 and its 200 day moving average price is $6.19.
Gener8 Maritime (NASDAQ:GNRT) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $105.96 million for the quarter, compared to analyst estimates of $109.89 million. Gener8 Maritime’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 earnings per share. On average, analysts expect that Gener8 Maritime will post $1.85 earnings per share for the current fiscal year.
In other Gener8 Maritime news, VP Leonard J. Vrondissis sold 14,312 shares of Gener8 Maritime stock in a transaction on Monday, August 15th. The shares were sold at an average price of $5.30, for a total transaction of $75,853.60. Following the completion of the sale, the vice president now owns 9,583 shares of the company’s stock, valued at approximately $50,789.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
A number of hedge funds have recently added to or reduced their stakes in the company. Boston Partners raised its stake in Gener8 Maritime by 78.8% in the second quarter. Boston Partners now owns 1,282,908 shares of the company’s stock worth $8,211,000 after buying an additional 565,513 shares in the last quarter. BlackRock Fund Advisors raised its stake in Gener8 Maritime by 131.9% in the second quarter. BlackRock Fund Advisors now owns 933,332 shares of the company’s stock worth $5,973,000 after buying an additional 530,872 shares in the last quarter. AQR Capital Management LLC acquired a new stake in Gener8 Maritime during the second quarter worth approximately $2,393,000. Point72 Asset Management L.P. raised its stake in Gener8 Maritime by 61.8% in the second quarter. Point72 Asset Management L.P. now owns 885,100 shares of the company’s stock worth $5,665,000 after buying an additional 337,900 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in 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 worth $5,629,000 after buying an additional 241,741 shares in the last quarter.
About Gener8 Maritime
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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