Golden Ocean Group (GOGL) Downgraded by ValuEngine

Share on StockTwits

Golden Ocean Group (NASDAQ:GOGL) was downgraded by stock analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued to investors on Wednesday.

Several other equities research analysts have also recently issued reports on the stock. BidaskClub cut shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. Seaport Global Securities reiterated a “buy” rating and set a $13.00 price objective on shares of Golden Ocean Group in a research report on Friday, August 17th. Zacks Investment Research upgraded shares of Golden Ocean Group from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Monday, September 24th. Finally, Nordea Equity Research cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Tuesday, October 23rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $11.13.

Golden Ocean Group stock opened at $7.27 on Wednesday. The company has a market cap of $1.10 billion, a PE ratio of -363.50 and a beta of 2.16. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.77. Golden Ocean Group has a 1 year low of $7.00 and a 1 year high of $10.05.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Friday, August 17th. The shipping company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.04. The firm had revenue of $140.89 million for the quarter, compared to analysts’ expectations of $98.87 million. Golden Ocean Group had a net margin of 9.34% and a return on equity of 3.71%. As a group, analysts anticipate that Golden Ocean Group will post 0.47 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Platinum Investment Management Ltd. bought a new stake in Golden Ocean Group in the second quarter worth $140,400,000. Renaissance Technologies LLC increased its position in Golden Ocean Group by 27.2% in the second quarter. Renaissance Technologies LLC now owns 1,530,646 shares of the shipping company’s stock worth $13,291,000 after purchasing an additional 327,774 shares during the last quarter. Duff & Phelps Investment Management Co. increased its position in Golden Ocean Group by 26.5% in the second quarter. Duff & Phelps Investment Management Co. now owns 774,395 shares of the shipping company’s stock worth $6,717,000 after purchasing an additional 162,141 shares during the last quarter. Folketrygdfondet increased its position in Golden Ocean Group by 0.8% in the second quarter. Folketrygdfondet now owns 7,405,969 shares of the shipping company’s stock worth $64,358,000 after purchasing an additional 57,685 shares during the last quarter. Finally, Macquarie Group Ltd. bought a new stake in Golden Ocean Group in the second quarter worth $184,000. Institutional investors own 22.95% of the company’s stock.

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.

Recommended Story: How a Put Option Works

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Golden Ocean Group (NASDAQ:GOGL)

Receive News & Ratings for Golden Ocean Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Golden Ocean Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply