Golden Ocean Group (NASDAQ:GOGL) Stock Rating Upgraded by Zacks Investment Research

Golden Ocean Group (NASDAQ:GOGL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday, Zacks.com reports.

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. “

A number of other analysts also recently issued reports on GOGL. BidaskClub downgraded Golden Ocean Group from a “hold” rating to a “sell” rating in a research report on Wednesday, June 5th. ValuEngine raised Golden Ocean Group from a “strong sell” rating to a “sell” rating in a research report on Monday, April 1st. Three analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. Golden Ocean Group presently has an average rating of “Hold” and an average price target of $10.08.

GOGL opened at $4.65 on Thursday. Golden Ocean Group has a 1 year low of $4.33 and a 1 year high of $10.05. The stock has a market capitalization of $676.63 million, a price-to-earnings ratio of 7.75 and a beta of 1.97. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.72 and a current ratio of 0.72.

Golden Ocean Group (NASDAQ:GOGL) last released its earnings results on Wednesday, May 22nd. The shipping company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. The business had revenue of $91.81 million for the quarter, compared to the consensus estimate of $74.48 million. Golden Ocean Group had a return on equity of 4.06% and a net margin of 9.55%. On average, analysts expect that Golden Ocean Group will post -0.24 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP acquired a new stake in shares of Golden Ocean Group in the fourth quarter valued at about $69,000. Gotham Asset Management LLC bought a new position in Golden Ocean Group during the fourth quarter worth about $119,000. Wells Fargo & Company MN grew its holdings in Golden Ocean Group by 87.1% during the first quarter. Wells Fargo & Company MN now owns 23,798 shares of the shipping company’s stock worth $114,000 after purchasing an additional 11,077 shares during the period. M&T Bank Corp grew its holdings in Golden Ocean Group by 7.7% during the fourth quarter. M&T Bank Corp now owns 41,440 shares of the shipping company’s stock worth $255,000 after purchasing an additional 2,974 shares during the period. Finally, Marshall Wace North America L.P. grew its holdings in Golden Ocean Group by 151.0% during the first quarter. Marshall Wace North America L.P. now owns 59,464 shares of the shipping company’s stock worth $284,000 after purchasing an additional 35,774 shares during the period. 16.98% of the stock is currently owned by institutional investors and hedge funds.

About Golden Ocean Group

Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. It owns and operates a fleet of dry bulk vessels, including Newcastlemax, Capesize, Panamax, and Ultramax vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.

See Also: Initial Public Offering (IPO)

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