Golden Ocean Group (NASDAQ:GOGL) Raised to “Buy” at StockNews.com

Golden Ocean Group (NASDAQ:GOGL) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

Separately, Jefferies Financial Group cut their price objective on shares of Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a research report on Wednesday, August 28th.

Golden Ocean Group Stock Performance

Shares of GOGL stock traded down $0.07 during trading on Friday, reaching $13.17. 808,081 shares of the company’s stock were exchanged, compared to its average volume of 1,627,995. The firm’s fifty day moving average price is $12.13 and its 200-day moving average price is $13.11. Golden Ocean Group has a twelve month low of $7.09 and a twelve month high of $15.77. The stock has a market capitalization of $2.63 billion, a PE ratio of 14.16 and a beta of 1.16. The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.04. The company had revenue of $197.35 million for the quarter, compared to analyst estimates of $187.74 million. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. As a group, sell-side analysts anticipate that Golden Ocean Group will post 1.35 EPS for the current year.

Hedge Funds Weigh In On Golden Ocean Group

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Golden Ocean Group by 273.9% in the first quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock valued at $67,274,000 after buying an additional 3,802,652 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Golden Ocean Group by 1,372.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock valued at $17,392,000 after acquiring an additional 1,174,716 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Golden Ocean Group by 96.9% during the 2nd quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock valued at $21,491,000 after acquiring an additional 766,436 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Golden Ocean Group by 1,318.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 786,018 shares of the shipping company’s stock worth $10,187,000 after purchasing an additional 730,609 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of Golden Ocean Group during the 1st quarter worth $8,927,000. 22.00% of the stock is owned by institutional investors.

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.