Golden Ocean Group Ltd. (NASDAQ:GOGL) Given Average Recommendation of “Hold” by Analysts
Golden Ocean Group Ltd. (NASDAQ:GOGL) has been assigned an average rating of “Hold” from the seven ratings firms that are presently covering the company. Two equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $4.50.
A number of brokerages have recently commented on GOGL. Jefferies Group reaffirmed a “buy” rating and issued a $5.00 price target on shares of Golden Ocean Group in a research note on Tuesday, September 6th. Zacks Investment Research raised Golden Ocean Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, August 29th. Finally, Clarkson Capital reissued a “buy” rating on shares of Golden Ocean Group in a research note on Friday, June 17th.
Golden Ocean Group (NASDAQ:GOGL) traded up 2.66% during mid-day trading on Wednesday, reaching $4.25. 74,412 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $3.94 and a 200 day moving average price of $3.74. The company’s market cap is $450.27 million. Golden Ocean Group has a 52-week low of $2.55 and a 52-week high of $14.30.
Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings results on Wednesday, August 24th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.04. Golden Ocean Group had a negative net margin of 97.58% and a negative return on equity of 10.86%. Equities analysts predict that Golden Ocean Group will post ($1.31) earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Folketrygdfondet boosted its position in shares of Golden Ocean Group by 198.8% in the first quarter. Folketrygdfondet now owns 18,493,675 shares of the company’s stock valued at $12,853,000 after buying an additional 12,303,887 shares in the last quarter. Canyon Capital Advisors LLC acquired a new position in shares of Golden Ocean Group during the second quarter valued at $2,251,000. Emerald Acquisition Ltd. acquired a new position in shares of Golden Ocean Group during the second quarter valued at $714,000. Gruss & Co. Inc. boosted its position in shares of Golden Ocean Group by 49.2% in the second quarter. Gruss & Co. Inc. now owns 1,932,258 shares of the company’s stock valued at $1,283,000 after buying an additional 637,607 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new position in shares of Golden Ocean Group during the second quarter valued at $159,000. 29.11% of the stock is owned by institutional investors and hedge funds.
About Golden Ocean Group
Golden Ocean Group Limited, formerly Knightsbridge Shipping Limited, is an international dry bulk shipping company. The Company is engaged in the transportation of dry bulk cargoes. It owns and operates a fleet of dry bulk carrier vessels, focusing on the Capesize, Panamax and Supramax markets. Its vessels transport a range of major and minor bulk commodities, including ores, coal, grains and fertilizers.
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