Cantor Fitzgerald Cuts Price Target on Overseas Shipholding Group (OSG) Following Earnings

Cantor Fitzgerald is reaffirming its Sell rating on shares of Overseas Shipholding Group (NYSE: OSG) while cutting its price target from $23 to $19.

The company reported weak quarterly results with EPS of ($1.20) and net voyage revenue of $207 million, down 11 percent year-over-year.

OSG announced that it will be lowering its annual dividend payout from $1.75 to $0.875 starting in Q4.

The firm reduced its 2011 EPS estimate from a loss of $4.24 to a loss of $4.70. For 2012 the firm forecasts a EPS loss of 1.27 and EBITDA of $254 million.

For more ratings news on Overseas Shipholding Group click here and for the rating history of Overseas Shipholding Group click here.

Shares of Overseas Shipholding Group closed at $21.60 yesterday.

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