StockNews.com Downgrades Golden Ocean Group (NASDAQ:GOGL) to Hold

by · The Markets Daily

Golden Ocean Group (NASDAQ:GOGL – Get Free Report) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Separately, Jefferies Financial Group decreased their price objective on shares of Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a research report on Wednesday, August 28th.

View Our Latest Research Report on GOGL

Golden Ocean Group Price Performance

GOGL opened at $12.98 on Friday. The stock’s 50-day moving average price is $12.15 and its 200 day moving average price is $13.11. Golden Ocean Group has a 12-month low of $7.09 and a 12-month high of $15.77. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 13.96 and a beta of 1.17. The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66.

Golden Ocean Group (NASDAQ:GOGL – Get Free Report) last announced its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.04. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. The business had revenue of $197.35 million during the quarter, compared to analysts’ expectations of $187.74 million. As a group, sell-side analysts expect that Golden Ocean Group will post 1.35 earnings per share for the current year.

Institutional Investors Weigh In On Golden Ocean Group

Several hedge funds and other institutional investors have recently bought and sold shares of GOGL. Nisa Investment Advisors LLC boosted its stake in Golden Ocean Group by 1,720.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after purchasing an additional 3,595 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Golden Ocean Group by 2,319.5% during the second quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock worth $127,000 after buying an additional 8,791 shares during the period. Fifth Lane Capital LP purchased a new position in shares of Golden Ocean Group during the first quarter worth about $137,000. Lazard Asset Management LLC purchased a new position in shares of Golden Ocean Group during the first quarter worth about $149,000. Finally, Bayesian Capital Management LP acquired a new position in Golden Ocean Group in the 1st quarter valued at about $151,000. 22.00% of the stock is currently owned by institutional investors and hedge funds.

Golden Ocean Group Company Profile

(Get Free Report)

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels worldwide. The company’s dry bulk vessels comprise Newcastlemax, Capesize, and Panamax vessels operating in the spot and time charter markets. It also transports a range of bulk commodities, including ores, coal, grains, and fertilizers.

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