QVT Financial LP bought a new position in General Maritime Co. (NYSE:GNRT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 660,940 shares of the shipping company’s stock, valued at approximately $4,375,000. QVT Financial LP owned 0.79% of General Maritime at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Deutsche Bank AG grew its stake in shares of General Maritime by 230.0% during the fourth quarter. Deutsche Bank AG now owns 145,228 shares of the shipping company’s stock valued at $960,000 after acquiring an additional 101,218 shares in the last quarter. K2 Principal Fund L.P. acquired a new stake in shares of General Maritime during the fourth quarter valued at about $162,000. Citadel Advisors LLC bought a new position in shares of General Maritime during the fourth quarter worth about $111,000. Royce & Associates LP lifted its position in shares of General Maritime by 13.6% during the fourth quarter. Royce & Associates LP now owns 1,091,389 shares of the shipping company’s stock worth $7,225,000 after purchasing an additional 130,863 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of General Maritime by 45.1% during the fourth quarter. Wells Fargo & Company MN now owns 64,820 shares of the shipping company’s stock worth $429,000 after purchasing an additional 20,136 shares during the last quarter. 69.35% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:GNRT traded down $0.17 during trading on Monday, reaching $5.48. 355,076 shares of the company traded hands, compared to its average volume of 551,392. The firm has a market capitalization of $470.46, a P/E ratio of -21.92 and a beta of 0.99. General Maritime Co. has a 1-year low of $4.17 and a 1-year high of $6.94. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.94.
A number of research firms have recently weighed in on GNRT. Morgan Stanley lifted their price target on General Maritime from $5.50 to $7.00 and gave the company an “equal weight” rating in a report on Monday, February 12th. Jefferies Group started coverage on General Maritime in a report on Monday, December 18th. They set a “buy” rating and a $10.00 price target on the stock. DNB Markets upgraded shares of General Maritime from a “hold” rating to a “buy” rating in a research note on Tuesday, March 6th. UBS reiterated a “neutral” rating on shares of General Maritime in a research note on Thursday, January 4th. Finally, Citigroup lowered shares of General Maritime from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 23rd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $7.92.
COPYRIGHT VIOLATION WARNING: “QVT Financial LP Acquires Shares of 660,940 General Maritime Co. (NYSE:GNRT)” was first reported by Enterprise Leader and is owned by of Enterprise Leader. If you are accessing this story on another site, it was illegally copied and reposted in violation of United States & international copyright and trademark laws. The original version of this story can be accessed at https://theenterpriseleader.com/2018/04/02/660940-shares-in-gener8-maritime-inc-nysegnrt-acquired-by-qvt-financial-lp.html.
General Maritime Company Profile
Gener8 Maritime, Inc provides international seaborne crude oil and petroleum products transportation services. As of March 14, 2018, it had a fleet of 30 vessels comprising 21 very large crude carriers, 6 Suezmaxes, 1 Aframax, and 2 Panamax tankers with a total carrying capacity of approximately 7.5 million deadweight tons.
Receive News & Ratings for General Maritime Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Maritime and related companies with MarketBeat.com's FREE daily email newsletter.