Zacks Investment Research lowered shares of Gener8 Maritime Inc (NASDAQ:GNRT) from a hold rating to a strong sell rating in a report released 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 issued reports on GNRT. Morgan Stanley reaffirmed an equal weight rating and issued a $5.00 target price (down from $9.00) on shares of Gener8 Maritime in a report on Friday, August 26th. Jefferies Group reaffirmed a buy rating on shares of Gener8 Maritime in a report on Monday, September 12th. Finally, Citigroup Inc. decreased their target price on shares of Gener8 Maritime from $12.00 to $9.00 and set a buy rating for the company in a report on Thursday, July 28th.
Gener8 Maritime (NASDAQ:GNRT) opened at 5.04 on Thursday. The company has a 50-day moving average of $5.27 and a 200 day moving average of $6.17. Gener8 Maritime has a 12-month low of $4.70 and a 12-month high of $11.90. The company has a market capitalization of $416.71 million and a P/E ratio of 2.35.
Gener8 Maritime (NASDAQ:GNRT) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by $0.01. The company had revenue of $105.96 million for the quarter, compared to analyst estimates of $109.89 million. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Gener8 Maritime’s quarterly revenue was down 9.0% compared to the same quarter last year. Equities research analysts forecast 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 business’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $5.30, for a total transaction 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 $50,789.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in GNRT. James Investment Research Inc. bought a new position in Gener8 Maritime during the second quarter valued at $574,000. Emerald Acquisition Ltd. bought a new position in Gener8 Maritime during the second quarter valued at $1,238,000. California State Teachers Retirement System boosted its position in Gener8 Maritime by 126.4% in the second quarter. California State Teachers Retirement System now owns 82,324 shares of the company’s stock valued at $527,000 after buying an additional 45,967 shares during the last quarter. Boston Partners boosted its position in Gener8 Maritime by 78.8% in the second quarter. Boston Partners now owns 1,282,908 shares of the company’s stock valued at $8,211,000 after buying an additional 565,513 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its position in Gener8 Maritime by 8.1% in the second quarter. GSA Capital Partners LLP now owns 83,934 shares of the company’s stock valued at $537,000 after buying an additional 6,319 shares during the last quarter.
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.