Golden Ocean Group Ltd (GOGL) Expected to Announce Quarterly Sales of $120.01 Million

Equities analysts expect that Golden Ocean Group Ltd (NASDAQ:GOGL) will report sales of $120.01 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Golden Ocean Group’s earnings. The lowest sales estimate is $116.92 million and the highest is $123.10 million. Golden Ocean Group posted sales of $126.95 million during the same quarter last year, which suggests a negative year over year growth rate of 5.5%. The company is scheduled to report its next earnings report on Tuesday, November 20th.

On average, analysts expect that Golden Ocean Group will report full-year sales of $469.98 million for the current year, with estimates ranging from $461.39 million to $482.70 million. For the next year, analysts anticipate that the business will report sales of $474.04 million, with estimates ranging from $420.92 million to $577.20 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Golden Ocean Group.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings data on Friday, August 17th. The shipping company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.04. Golden Ocean Group had a net margin of 9.34% and a return on equity of 3.71%. The business had revenue of $140.89 million during the quarter, compared to analysts’ expectations of $98.87 million.

Several analysts have commented on the stock. Seaport Global Securities reaffirmed a “buy” rating and issued a $13.00 target price on shares of Golden Ocean Group in a research note on Friday, August 17th. BidaskClub raised shares of Golden Ocean Group from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 30th. ValuEngine cut shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Finally, Zacks Investment Research raised shares of Golden Ocean Group from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Monday, September 24th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. Golden Ocean Group currently has an average rating of “Hold” and an average target price of $11.13.

GOGL stock opened at $8.56 on Friday. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -428.00 and a beta of 2.17. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.33 and a quick ratio of 1.33. Golden Ocean Group has a one year low of $7.00 and a one year high of $10.05.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Shareholders of record on Thursday, September 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, September 5th. This represents a $0.40 annualized dividend and a yield of 4.67%. Golden Ocean Group’s payout ratio is currently -2,000.00%.

A number of hedge funds have recently added to or reduced their stakes in the business. California Public Employees Retirement System grew its stake in Golden Ocean Group by 7.9% in the 2nd quarter. California Public Employees Retirement System now owns 90,351 shares of the shipping company’s stock worth $785,000 after acquiring an additional 6,631 shares during the period. Platinum Investment Management Ltd. acquired a new position in shares of Golden Ocean Group in the 2nd quarter valued at $140,400,000. Marshall Wace LLP boosted its holdings in shares of Golden Ocean Group by 45.2% in the 2nd quarter. Marshall Wace LLP now owns 1,548,032 shares of the shipping company’s stock valued at $13,329,000 after purchasing an additional 482,130 shares during the last quarter. Macquarie Group Ltd. acquired a new position in shares of Golden Ocean Group in the 2nd quarter valued at $184,000. Finally, Bank of America Corp DE boosted its holdings in shares of Golden Ocean Group by 37.2% in the 2nd quarter. Bank of America Corp DE now owns 531,063 shares of the shipping company’s stock valued at $4,614,000 after purchasing an additional 143,878 shares during the last quarter. 22.96% of the stock is owned by hedge funds and other institutional investors.

Golden Ocean Group Company Profile

Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. It owns and operates a fleet of dry bulk vessels, including Newcastlemax, Capesize, Panamax, and Ultramax vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.

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