Gener8 Maritime Inc (GNRT) Stock Rating Lowered by 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 research 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 equities analysts have also recently weighed in on the stock. Jefferies Group reaffirmed a “buy” rating on shares of Gener8 Maritime in a research note on Monday, September 12th. Morgan Stanley reiterated an “equal weight” rating and set a $5.00 price objective (down previously from $9.00) on shares of Gener8 Maritime in a research report on Friday, August 26th. Finally, Citigroup Inc. lowered their price objective on shares of Gener8 Maritime from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, July 28th.
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Shares of Gener8 Maritime (NASDAQ:GNRT) traded down 2.28% during trading on Thursday, hitting $5.15. 290,739 shares of the company traded hands. Gener8 Maritime has a 52 week low of $4.70 and a 52 week high of $12.15. The company has a market capitalization of $425.81 million and a price-to-earnings ratio of 2.40. The company has a 50 day moving average price of $5.27 and a 200 day moving average price of $6.20.
Gener8 Maritime (NASDAQ:GNRT) last posted its earnings results on Wednesday, July 27th. The company reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by $0.01. The company had revenue of $105.96 million for the quarter, compared to the consensus estimate of $109.89 million. The business’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same period last year, the firm earned $0.68 earnings per share. On average, analysts expect that Gener8 Maritime will post $1.85 earnings per share for the current year.
In related news, VP Leonard J. Vrondissis sold 14,312 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $5.30, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Several large investors have recently added to or reduced their stakes in GNRT. Schwab Charles Investment Management Inc. raised its stake in Gener8 Maritime by 102.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 80,927 shares of the company’s stock worth $518,000 after buying an additional 40,972 shares during the last quarter. 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 during the last quarter. Highbridge Capital Management LLC acquired a new stake in Gener8 Maritime during the second quarter worth about $584,000. AQR Capital Management LLC acquired a new stake in Gener8 Maritime during the second quarter worth about $2,393,000. Finally, A.R.T. Advisors LLC acquired a new stake in Gener8 Maritime during the second quarter worth about $188,000.
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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