UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Overseas Shipholding Group

In a report published Monday, Jefferies & Company reiterated its Hold rating on Overseas Shipholding Group

, but lowered its price target from $6.00 to $3.00. Jefferies noted, “Although we were expecting the combination of weak OECD oil demand, increasing non-OPEC production, and the still growing crude oil tanker fleet to pressure tanker spot charter rates during 3Q12, we are reducing our 3Q12 EPS estimates for the majority of tanker companies under coverage as VLCC and Suezmax spot charter rates were even weaker than expected.” Overseas Shipholding Group closed on Friday at $3.25.