Brokerages forecast that Gener8 Maritime Inc (NASDAQ:GNRT) will report $49.49 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Gener8 Maritime’s earnings. The lowest sales estimate is $49.38 million and the highest is $49.60 million. Gener8 Maritime posted sales of $69.10 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 28.4%. The business is expected to issue its next earnings results on Monday, November 13th.
According to Zacks, analysts expect that Gener8 Maritime will report full year sales of $49.49 million for the current fiscal year, with estimates ranging from $309.71 million to $321.06 million. For the next financial year, analysts anticipate that the company will report 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 a mean average based on a survey of sell-side research analysts that that provide coverage for Gener8 Maritime.
Gener8 Maritime (NASDAQ:GNRT) last posted its quarterly earnings results on Tuesday, August 1st. The shipping company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.05). The business had revenue of $74.95 million during the quarter, compared to the consensus estimate of $76.55 million. Gener8 Maritime had a negative net margin of 110.14% and a negative return on equity of 23.25%. The firm’s revenue was down 29.3% on a year-over-year basis. During the same quarter last year, the company posted $0.51 EPS.
Large investors have recently made changes to their positions in the company. FMR LLC increased its position in Gener8 Maritime by 115.7% during the 2nd quarter. FMR LLC now owns 7,007,841 shares of the shipping company’s stock valued at $39,875,000 after buying an additional 3,758,798 shares in the last quarter. Vanguard Group Inc. boosted its stake in Gener8 Maritime by 5.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,384,978 shares of the shipping company’s stock valued at $7,881,000 after purchasing an additional 75,323 shares during the last quarter. State Street Corp boosted its stake in Gener8 Maritime by 11.0% during the 2nd quarter. State Street Corp now owns 1,069,056 shares of the shipping company’s stock valued at $6,080,000 after purchasing an additional 106,359 shares during the last quarter. Royce & Associates LP boosted 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 during the last quarter. Finally, Northern Trust Corp boosted its stake in Gener8 Maritime by 10.5% during the 2nd quarter. Northern Trust Corp now owns 838,560 shares of the shipping company’s stock valued at $4,771,000 after purchasing an additional 79,942 shares during the last quarter.A number of analysts recently issued reports on GNRT shares. Jefferies Group LLC reiterated a “buy” rating and set a $10.00 price objective on shares of Gener8 Maritime in a research note on Thursday, September 21st. TheStreet upgraded Gener8 Maritime from a “d” rating to a “c-” rating in a research note on Wednesday, August 9th. BidaskClub upgraded Gener8 Maritime from a “sell” rating to a “hold” rating in a report on Saturday, September 16th. ValuEngine cut Gener8 Maritime from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Zacks Investment Research upgraded Gener8 Maritime from a “sell” rating to a “hold” rating in a report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $10.00.
Gener8 Maritime (GNRT) opened at 4.84 on Friday. The company’s market cap is $401.66 million. Gener8 Maritime has a 52-week low of $3.52 and a 52-week high of $5.36. The firm’s 50-day moving average price is $4.66 and its 200 day moving average price is $4.66.
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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