Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down on Analyst Downgrade

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) gapped down prior to trading on Wednesday after Jefferies Financial Group lowered their price target on the stock from $12.50 to $12.00. The stock had previously closed at $10.86, but opened at $9.84. Jefferies Financial Group currently has a hold rating on the stock. Golden Ocean Group shares last traded at $9.87, with a volume of 807,646 shares trading hands.

A number of other research firms have also recently commented on GOGL. Pareto Securities reiterated a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a research note on Thursday, November 21st. StockNews.com downgraded Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th.

Hedge Funds Weigh In On Golden Ocean Group

Institutional investors have recently modified their holdings of the stock. SummerHaven Investment Management LLC raised its holdings in Golden Ocean Group by 1.1% in the 2nd quarter. SummerHaven Investment Management LLC now owns 95,615 shares of the shipping company’s stock worth $1,319,000 after purchasing an additional 1,042 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Golden Ocean Group by 3.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,840 shares of the shipping company’s stock worth $605,000 after buying an additional 1,300 shares during the period. Onyx Bridge Wealth Group LLC lifted its position in shares of Golden Ocean Group by 6.4% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 31,776 shares of the shipping company’s stock valued at $425,000 after buying an additional 1,917 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Golden Ocean Group in the 3rd quarter worth $28,000. Finally, Sei Investments Co. increased its holdings in Golden Ocean Group by 4.1% in the 2nd quarter. Sei Investments Co. now owns 54,404 shares of the shipping company’s stock worth $751,000 after acquiring an additional 2,144 shares in the last quarter. Hedge funds and other institutional investors own 22.00% of the company’s stock.

Golden Ocean Group Trading Down 7.1 %

The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. The company’s 50-day moving average price is $11.78 and its 200-day moving average price is $12.58. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 9.43 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.28 by $0.04. The company had revenue of $197.35 million during the quarter, compared to analyst estimates of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. Equities analysts expect that Golden Ocean Group Limited will post 1.18 EPS for the current fiscal year.

Golden Ocean Group Company Profile

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels worldwide. The company’s dry bulk vessels comprise Newcastlemax, Capesize, and Panamax vessels operating in the spot and time charter markets. It also transports a range of bulk commodities, including ores, coal, grains, and fertilizers.