Zacks Investment Research downgraded shares of Golden Ocean Group Ltd. (NASDAQ:GOGL) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

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. “

GOGL has been the topic of several other reports. Jefferies Group reiterated a buy rating and issued a $5.00 price target on shares of Golden Ocean Group in a research note on Tuesday, September 6th. Clarkson Capital reiterated a buy rating on shares of Golden Ocean Group in a research note on Friday, June 17th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $4.50.

Analyst Recommendations for Golden Ocean Group (NASDAQ:GOGL)

Golden Ocean Group (NASDAQ:GOGL) traded up 3.62% during trading on Friday, hitting $4.29. 27,478 shares of the company traded hands. The company’s 50-day moving average is $4.00 and its 200 day moving average is $3.75. The firm’s market cap is $454.50 million. Golden Ocean Group has a 52-week low of $2.55 and a 52-week high of $14.00.

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 the Thomson Reuters’ consensus estimate 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%. On average, equities analysts anticipate that Golden Ocean Group will post ($1.31) earnings per share for the current year.

Several institutional investors have recently made changes to their positions in GOGL. Folketrygdfondet raised 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 worth $12,853,000 after buying an additional 12,303,887 shares during the period. Gruss & Co. Inc. raised 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 worth $1,283,000 after buying an additional 637,607 shares during the period. Phoenix Investment Adviser LLC acquired a new position in shares of Golden Ocean Group during the second quarter worth about $105,000. Canyon Capital Advisors LLC acquired a new position in shares of Golden Ocean Group during the second quarter worth about $2,251,000. Finally, Paloma Partners Management Co acquired a new position in shares of Golden Ocean Group during the second quarter worth about $159,000. Institutional investors and hedge funds own 29.11% of the company’s stock.

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.

5 Day Chart for NASDAQ:GOGL

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