Published On: Sun, Sep 18th, 2016

Gener8 Maritime Inc (GNRT) Price Target Cut to $9.00

Gener8 Maritime Inc (NASDAQ:GNRT) had its price target lowered by Citigroup Inc. from $12.00 to $9.00 in a research note issued on Thursday. The brokerage currently has a “buy” rating on the stock. Citigroup Inc.’s target price would indicate a potential upside of 68.86% from the stock’s previous close.
A number of other equities analysts also recently issued reports on GNRT. Zacks Investment Research downgraded Gener8 Maritime from a “hold” rating to a “sell” rating in a research report on Monday, July 25th. Jefferies Group reissued a “buy” rating and issued a $13.00 target price (down from $17.00) on shares of Gener8 Maritime in a research report on Wednesday, July 27th.
Gener8 Maritime (NASDAQ:GNRT) traded down 0.37% during midday trading on Thursday, reaching $5.33. The company’s stock had a trading volume of 2,365,255 shares. Gener8 Maritime has a one year low of $4.81 and a one year high of $13.21. The stock has a market cap of $440.69 million and a price-to-earnings ratio of 2.49. The stock’s 50 day moving average price is $5.37 and its 200-day moving average price is $6.38.

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Gener8 Maritime (NASDAQ:GNRT) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by $0.01. The firm earned $105.96 million during the quarter, compared to analyst estimates of $109.89 million. The company’s quarterly revenue was down 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 earnings per share. On average, analysts forecast that Gener8 Maritime will post $1.85 EPS for the current fiscal year.
In related news, VP Leonard J. Vrondissis sold 14,312 shares of the company’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 transaction, the vice president now directly owns 9,583 shares of the company’s stock, valued at approximately $50,789.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Several institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. acquired a new stake in Gener8 Maritime during the second quarter valued at approximately $125,000. Tower Research Capital LLC TRC raised 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 valued at $145,000 after buying an additional 21,290 shares during the last quarter. American International Group Inc. raised 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 valued at $145,000 after buying an additional 12,821 shares during the last quarter. A.R.T. Advisors LLC acquired a new stake in Gener8 Maritime during the second quarter valued at approximately $188,000. Finally, Rhumbline Advisers raised its stake in Gener8 Maritime by 70.4% in the second quarter. Rhumbline Advisers now owns 37,114 shares of the company’s stock valued at $238,000 after buying an additional 15,329 shares during 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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