Gener8 Maritime (GNRT) Rating Lowered to Neutral at UBS Group

Gener8 Maritime (NYSE:GNRT) was downgraded by equities research analysts at UBS Group from a “buy” rating to a “neutral” rating in a report released on Wednesday, www.benzinga.com reports. They presently have a $6.75 price objective on the shipping company’s stock, up from their prior price objective of $6.50. UBS Group’s target price would suggest a potential upside of 1.05% from the stock’s current price. The analysts noted that the move was a valuation call.

Other analysts have also recently issued research reports about the company. Jefferies Group reaffirmed a “buy” rating and issued a $10.00 target price on shares of Gener8 Maritime in a research report on Thursday, September 21st. BidaskClub raised Gener8 Maritime from a “sell” rating to a “hold” rating in a research report on Saturday, September 16th. Finally, Zacks Investment Research cut Gener8 Maritime from a “hold” rating to a “strong sell” rating in a research report on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $8.50.

Shares of Gener8 Maritime (GNRT) traded up $0.08 during trading on Wednesday, hitting $6.68. The stock had a trading volume of 652,200 shares, compared to its average volume of 644,600. The firm has a market capitalization of $549.57, a PE ratio of -4.74 and a beta of 1.40. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.93. Gener8 Maritime has a 1-year low of $4.11 and a 1-year high of $6.86.

Gener8 Maritime (NYSE:GNRT) last issued its earnings results on Thursday, November 9th. The shipping company reported ($0.39) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.06). The business had revenue of $47.89 million during the quarter, compared to analyst estimates of $47.06 million. Gener8 Maritime had a positive return on equity of 1.16% and a negative net margin of 34.10%. The business’s quarterly revenue was down 30.7% on a year-over-year basis. During the same period last year, the business earned ($0.01) EPS. research analysts anticipate that Gener8 Maritime will post -0.14 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its position in Gener8 Maritime by 2.4% during the second quarter. Russell Investments Group Ltd. now owns 29,905 shares of the shipping company’s stock valued at $171,000 after purchasing an additional 700 shares during the last quarter. California State Teachers Retirement System boosted its position in Gener8 Maritime by 5.8% during the second quarter. California State Teachers Retirement System now owns 83,624 shares of the shipping company’s stock valued at $476,000 after purchasing an additional 4,600 shares during the last quarter. Voya Investment Management LLC boosted its position in Gener8 Maritime by 29.3% during the second quarter. Voya Investment Management LLC now owns 23,024 shares of the shipping company’s stock valued at $131,000 after purchasing an additional 5,219 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Gener8 Maritime by 17.3% during the second quarter. The Manufacturers Life Insurance Company now owns 40,842 shares of the shipping company’s stock valued at $232,000 after purchasing an additional 6,022 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in Gener8 Maritime by 25.1% during the second quarter. Rhumbline Advisers now owns 54,080 shares of the shipping company’s stock valued at $308,000 after purchasing an additional 10,845 shares during the last quarter. 76.02% of the stock is owned by hedge funds and other institutional investors.

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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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