Brokerages Set $8.67 Price Target for Gener8 Maritime Inc (NASDAQ:GNRT)
Shares of Gener8 Maritime Inc (NASDAQ:GNRT) have earned an average broker rating score of 1.67 (Buy) from the three brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and two have given a strong buy rating to the company. Gener8 Maritime’s rating score has declined by 19.3% in the last three months as a result of a number of analysts’ ratings changes.
Brokerages have set a 12 month consensus price target of $8.67 for the company and are forecasting that the company will post $0.19 EPS for the current quarter, according to Zacks. Zacks has also given Gener8 Maritime an industry rank of 194 out of 265 based on the ratings given to related companies.
Several research analysts have commented on GNRT shares. Citigroup Inc. cut their target price on Gener8 Maritime from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Jefferies Group reaffirmed a “buy” rating and set a $13.00 target price (down from $17.00) on shares of Gener8 Maritime in a report on Wednesday, July 27th. Zacks Investment Research raised Gener8 Maritime from a “hold” rating to a “buy” rating and set a $6.25 target price on the stock in a report on Wednesday, July 6th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $5.00 target price (down from $9.00) on shares of Gener8 Maritime in a report on Friday, August 26th.
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In other news, VP Leonard J. Vrondissis sold 14,312 shares of Gener8 Maritime stock in a transaction dated 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 transaction, the vice president now directly owns 9,583 shares of the company’s stock, valued at approximately $50,789.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Alliancebernstein L.P. acquired a new position in Gener8 Maritime during the second quarter valued at $125,000. Tower Research Capital LLC TRC raised its position 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 valued at $145,000 after buying an additional 21,290 shares during the period. American International Group Inc. raised its position in 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 during the period. A.R.T. Advisors LLC acquired a new position in Gener8 Maritime during the second quarter valued at $188,000. Finally, Rhumbline Advisers raised its position in 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 during the period.
Gener8 Maritime (NASDAQ:GNRT) traded up 0.73% on Monday, hitting $5.51. The stock had a trading volume of 100,677 shares. Gener8 Maritime has a 52 week low of $4.70 and a 52 week high of $12.20. The company has a 50-day moving average price of $5.28 and a 200-day moving average price of $6.23. The stock has a market capitalization of $455.57 million and a price-to-earnings ratio of 2.57.
Gener8 Maritime (NASDAQ:GNRT) last announced its earnings results on Wednesday, July 27th. The company reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by $0.01. The business earned $105.96 million during the quarter, compared to analysts’ expectations of $109.89 million. The company’s revenue for the quarter was down 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.68 earnings per share. Equities research analysts anticipate that Gener8 Maritime will post $1.85 earnings per share for the current fiscal year.
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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