Zacks Investment Research Lowers Golden Ocean Group (GOGL) to Hold

Zacks Investment Research downgraded shares of Golden Ocean Group (NASDAQ:GOGL) from a buy rating to a hold rating in a report published on Thursday.

According to Zacks, “Golden Ocean Group Limited is a shipping company which engaged in the transportation of dry bulk cargoes. It operates primarily in the Capesize and Panamax market. Golden Ocean Group Limited, formerly known as Knightsbridge Shipping Limited, is based in HAMILTON, Bermuda. “

A number of other equities analysts have also recently issued reports on GOGL. BidaskClub cut Golden Ocean Group from a hold rating to a sell rating in a report on Wednesday. Nordea Equity Research cut Golden Ocean Group from a hold rating to a sell rating in a report on Thursday, January 10th. BTIG Research assumed coverage on Golden Ocean Group in a report on Thursday, November 15th. They issued a buy rating and a $10.00 target price for the company. Finally, ValuEngine cut Golden Ocean Group from a sell rating to a strong sell rating in a report on Wednesday, October 31st. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Golden Ocean Group currently has an average rating of Hold and a consensus target price of $10.20.

GOGL traded up $0.24 on Thursday, reaching $6.71. The stock had a trading volume of 146,450 shares, compared to its average volume of 113,012. Golden Ocean Group has a fifty-two week low of $5.70 and a fifty-two week high of $10.05. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.74. The stock has a market cap of $967.90 million, a PE ratio of 10.82 and a beta of 2.14.

Golden Ocean Group (NASDAQ:GOGL) last issued its earnings results on Tuesday, November 20th. The shipping company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.08. Golden Ocean Group had a return on equity of 5.91% and a net margin of 13.95%. The business had revenue of $189.26 million during the quarter, compared to analysts’ expectations of $120.01 million. On average, equities research analysts expect that Golden Ocean Group will post 0.58 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bluefin Trading LLC bought a new stake in shares of Golden Ocean Group during the 3rd quarter valued at about $2,484,000. Renaissance Technologies LLC boosted its position in shares of Golden Ocean Group by 27.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,530,646 shares of the shipping company’s stock valued at $13,291,000 after purchasing an additional 327,774 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Golden Ocean Group by 67.4% during the 3rd quarter. Jane Street Group LLC now owns 94,980 shares of the shipping company’s stock valued at $937,000 after purchasing an additional 38,232 shares in the last quarter. Credit Suisse AG boosted its position in shares of Golden Ocean Group by 69.6% during the 3rd quarter. Credit Suisse AG now owns 238,925 shares of the shipping company’s stock valued at $2,355,000 after purchasing an additional 98,013 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its position in shares of Golden Ocean Group by 165.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 104,210 shares of the shipping company’s stock valued at $1,028,000 after purchasing an additional 64,900 shares in the last quarter. Hedge funds and other institutional investors own 20.22% of the company’s stock.

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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