Zacks: Analysts Expect Gener8 Maritime Inc (GNRT) Will Post Quarterly Sales of $44.60 Million
Wall Street brokerages expect Gener8 Maritime Inc (NASDAQ:GNRT) to announce $44.60 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Gener8 Maritime’s earnings. The lowest sales estimate is $39.59 million and the highest is $49.60 million. Gener8 Maritime posted sales of $69.10 million in the same quarter last year, which suggests a negative year-over-year growth rate of 35.5%. The company is expected to announce its next quarterly earnings report before the market opens on Monday, November 13th.
According to Zacks, analysts expect that Gener8 Maritime will report full-year sales of $44.60 million for the current fiscal year, with estimates ranging from $309.71 million to $313.70 million. For the next fiscal year, analysts forecast that the company will post sales of $330.04 million per share, with estimates ranging from $283.14 million to $362.89 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Gener8 Maritime.
Gener8 Maritime (NASDAQ:GNRT) last issued its quarterly earnings data on Tuesday, August 1st. The shipping company reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.05). Gener8 Maritime had a negative return on equity of 23.25% and a negative net margin of 110.14%. The company had revenue of $74.95 million for the quarter, compared to the consensus estimate of $76.55 million. During the same period in the prior year, the company earned $0.51 EPS. The firm’s revenue was down 29.3% on a year-over-year basis.
A number of research analysts recently issued reports on the stock. BidaskClub downgraded shares of Gener8 Maritime from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Zacks Investment Research downgraded shares of Gener8 Maritime from a “hold” rating to a “sell” rating in a research report on Wednesday, July 26th. Jefferies Group LLC reiterated a “buy” rating on shares of Gener8 Maritime in a research report on Thursday, October 19th. Finally, ValuEngine downgraded shares of Gener8 Maritime from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. Gener8 Maritime has a consensus rating of “Hold” and an average price target of $10.00.
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Hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN increased its stake in Gener8 Maritime by 64.7% during the 1st quarter. Wells Fargo & Company MN now owns 44,685 shares of the shipping company’s stock valued at $254,000 after purchasing an additional 17,550 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Gener8 Maritime by 8.3% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 236,940 shares of the shipping company’s stock valued at $1,344,000 after purchasing an additional 18,126 shares in the last quarter. FMR LLC increased its stake in Gener8 Maritime by 617.8% during the 1st quarter. FMR LLC now owns 3,249,043 shares of the shipping company’s stock valued at $18,422,000 after purchasing an additional 2,796,417 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Gener8 Maritime by 1.0% during the 1st quarter. Bank of New York Mellon Corp now owns 222,466 shares of the shipping company’s stock valued at $1,261,000 after purchasing an additional 2,254 shares in the last quarter. Finally, Royce & Associates LP increased its stake in Gener8 Maritime by 8.8% during the 2nd quarter. Royce & Associates LP now owns 865,026 shares of the shipping company’s stock valued at $4,922,000 after purchasing an additional 70,000 shares in the last quarter.
About Gener8 Maritime
Gener8 Maritime, Inc is a provider of international seaborne crude oil transportation services. The Company operates through the transportation of international seaborne crude oil and petroleum products with its fleet of vessels segment. As of March 10, 2017, the Company owned a fleet of 40 tankers on the water, consisting of 24 Very Large Crude Carriers (VLCCs), 10 Suezmax vessels, four Aframax vessels and two Panamax vessels, with an aggregate carrying capacity of 9.4 million deadweight tons (DWT) and one eco VLCC newbuilding.
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