Golden Ocean Group Ltd. (GOGL) Releases Earnings Results, Beats Estimates By $0.05 EPS
Golden Ocean Group Ltd. (NASDAQ:GOGL) issued its quarterly earnings results on Tuesday. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.05. Golden Ocean Group had a negative net margin of 97.58% and a negative return on equity of 10.86%.
Shares of Golden Ocean Group (NASDAQ:GOGL) opened at 4.13 on Wednesday. The firm has a 50-day moving average of $3.91 and a 200-day moving average of $3.75. Golden Ocean Group has a 12 month low of $2.55 and a 12 month high of $8.85. The company’s market capitalization is $437.55 million.
Several large investors have recently bought and sold shares of GOGL. Canyon Capital Advisors LLC acquired a new position in shares of Golden Ocean Group during the second quarter worth about $2,251,000. 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 worth $1,283,000 after buying an additional 637,607 shares during the period. Emerald Acquisition Ltd. boosted its position in shares of Golden Ocean Group by 36.0% in the third quarter. Emerald Acquisition Ltd. now owns 1,382,444 shares of the company’s stock worth $5,639,000 after buying an additional 365,649 shares during the period. Paloma Partners Management Co acquired a new position in shares of Golden Ocean Group during the second quarter worth about $159,000. Finally, Phoenix Investment Adviser LLC acquired a new position in shares of Golden Ocean Group during the second quarter worth about $105,000. 27.68% of the stock is owned by hedge funds and other institutional investors.
GOGL has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Friday, October 7th. Pareto Securities upgraded shares of Golden Ocean Group from a “hold” rating to a “buy” rating in a report on Monday, October 10th. Jefferies Group restated a “buy” rating on shares of Golden Ocean Group in a report on Monday, August 29th. Finally, Nordea Equity Research lowered shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $4.50.
Golden Ocean Group Company Profile
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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