Gener8 Maritime (GNRT) Trading 5.1% Higher After Analyst Upgrade

Gener8 Maritime Inc (NYSE:GNRT)’s share price traded up 5.1% during mid-day trading on Monday after Morgan Stanley raised their price target on the stock from $5.50 to $7.00. Morgan Stanley currently has an equal weight rating on the stock. Gener8 Maritime traded as high as $5.80 and last traded at $5.60. 862,016 shares traded hands during trading, an increase of 21% from the average session volume of 714,135 shares. The stock had previously closed at $5.33.

Several other equities analysts have also recently issued reports on GNRT. Citigroup cut Gener8 Maritime from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 23rd. BidaskClub upgraded Gener8 Maritime from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. Jefferies Group restated a “buy” rating on shares of Gener8 Maritime in a research note on Thursday, October 19th. UBS Group restated a “neutral” rating on shares of Gener8 Maritime in a research note on Thursday, January 4th. Finally, Zacks Investment Research cut Gener8 Maritime from a “hold” rating to a “strong sell” rating in a research note on Monday, October 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. Gener8 Maritime presently has a consensus rating of “Hold” and a consensus target price of $7.92.

A number of hedge funds and other institutional investors have recently modified their holdings of GNRT. Schwab Charles Investment Management Inc. increased its position in Gener8 Maritime by 15.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 273,454 shares of the shipping company’s stock worth $1,556,000 after buying an additional 36,514 shares during the period. Bank of New York Mellon Corp increased its position in Gener8 Maritime by 20.3% in the second quarter. Bank of New York Mellon Corp now owns 267,548 shares of the shipping company’s stock worth $1,522,000 after buying an additional 45,082 shares during the period. Alliancebernstein L.P. increased its position in Gener8 Maritime by 50.4% in the second quarter. Alliancebernstein L.P. now owns 37,000 shares of the shipping company’s stock worth $211,000 after buying an additional 12,400 shares during the period. TIAA CREF Investment Management LLC increased its position in Gener8 Maritime by 29.2% in the second quarter. TIAA CREF Investment Management LLC now owns 127,131 shares of the shipping company’s stock worth $723,000 after buying an additional 28,746 shares during the period. Finally, Ameriprise Financial Inc. acquired a new stake in Gener8 Maritime in the second quarter worth $268,000. 76.03% of the stock is currently owned by hedge funds and other institutional investors.

The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.93. The company has a market cap of $443.82, a PE ratio of -3.99 and a beta of 1.12.

Gener8 Maritime (NYSE:GNRT) last issued its earnings results on Thursday, November 9th. The shipping company reported ($0.39) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.06). Gener8 Maritime had a positive return on equity of 1.16% and a negative net margin of 34.10%. The company had revenue of $47.89 million during the quarter, compared to analyst estimates of $47.06 million. During the same period in the prior year, the business earned ($0.01) earnings per share. Gener8 Maritime’s quarterly revenue was down 30.7% on a year-over-year basis. equities research analysts expect that Gener8 Maritime Inc will post -0.28 EPS for the current fiscal year.

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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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