Golden Ocean Group Ltd. (GOGL) Stock Rating Lowered by Nordea Equity Research
Golden Ocean Group Ltd. (NASDAQ:GOGL) was downgraded by investment analysts at Nordea Equity Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
A number of other analysts have also recently commented on the stock. Pareto Securities upgraded shares of Golden Ocean Group from a “hold” rating to a “buy” rating in a report on Monday, October 10th. Zacks Investment Research cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Friday, October 7th. Finally, Jefferies Group restated a “buy” rating and set a $5.00 target price on shares of Golden Ocean Group in a report on Tuesday, September 6th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $4.50.
Golden Ocean Group (NASDAQ:GOGL) opened at 4.25 on Tuesday. Golden Ocean Group has a 52-week low of $2.55 and a 52-week high of $8.85. The company’s market cap is $450.27 million. The company’s 50-day moving average is $3.91 and its 200 day moving average is $3.75.
Golden Ocean Group (NASDAQ:GOGL) last announced its earnings results on Tuesday, November 22nd. The company reported ($0.25) EPS for the quarter, beating the Zacks’ consensus estimate 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%. Equities analysts forecast that Golden Ocean Group will post ($1.23) earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of the company. Northern Trust Corp raised its position in Golden Ocean Group by 53.6% in the third quarter. Northern Trust Corp now owns 28,889 shares of the company’s stock valued at $117,000 after buying an additional 10,082 shares in the last quarter. KCG Holdings Inc. bought a new position in Golden Ocean Group during the third quarter valued at about $126,000. Phoenix Investment Adviser LLC bought a new position in Golden Ocean Group during the second quarter valued at about $105,000. Paloma Partners Management Co bought a new position in Golden Ocean Group during the second quarter valued at about $159,000. Finally, Emerald Acquisition Ltd. bought a new position in Golden Ocean Group during the second quarter valued at about $714,000. 27.68% of the stock is owned by hedge funds and other institutional investors.
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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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