Gener8 Maritime Inc (GNRT) Downgraded 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 report issued 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. “
Several other research analysts have also recently weighed in on GNRT. Jefferies Group reissued a “buy” rating on shares of Gener8 Maritime in a research report on Tuesday, September 6th. Citigroup Inc. reaffirmed a “buy” rating and issued a $12.00 target price on shares of Gener8 Maritime in a research report on Friday, July 15th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $5.00 target price (down previously from $9.00) on shares of Gener8 Maritime in a research report on Friday, August 26th.
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Gener8 Maritime (NASDAQ:GNRT) traded down 2.28% during mid-day trading on Thursday, hitting $5.15. 290,739 shares of the stock were exchanged. The firm has a market cap of $425.81 million and a P/E ratio of 2.40. The company has a 50 day moving average of $5.27 and a 200 day moving average of $6.20. Gener8 Maritime has a 12-month low of $4.70 and a 12-month high of $12.15.
Gener8 Maritime (NASDAQ:GNRT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by $0.01. The firm had revenue of $105.96 million for the quarter, compared to analysts’ expectations of $109.89 million. The company’s revenue was down 9.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.68 earnings per share. On average, equities analysts anticipate that Gener8 Maritime will post $1.85 earnings per share for the current fiscal year.
In other news, VP Leonard J. Vrondissis sold 14,312 shares of the firm’s 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 transaction, the vice president now owns 9,583 shares in the company, valued at $50,789.90. The sale was disclosed in a document filed with the SEC, which is available at this link.
A number of hedge funds have recently bought and sold shares of the company. Alliancebernstein L.P. bought a new stake in Gener8 Maritime during the second quarter worth approximately $125,000. American International Group Inc. boosted 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. Tower Research Capital LLC TRC boosted 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. A.R.T. Advisors LLC bought a new stake in Gener8 Maritime during the second quarter worth approximately $188,000. Finally, Rhumbline Advisers boosted its stake in Gener8 Maritime by 70.4% in the second quarter. Rhumbline Advisers now owns 37,114 shares of the company’s stock worth $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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