Golden Ocean Group (NASDAQ:GOGL) Downgraded by StockNews.com

Golden Ocean Group (NASDAQ:GOGL) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Separately, Jefferies Financial Group lowered their price target on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a report on Wednesday, August 28th.

Golden Ocean Group Price Performance

Shares of NASDAQ GOGL opened at $12.98 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66. The stock has a market cap of $2.60 billion, a P/E ratio of 13.96 and a beta of 1.17. The stock has a 50 day moving average of $12.15 and a two-hundred day moving average of $13.11. Golden Ocean Group has a twelve month low of $7.09 and a twelve month high of $15.77.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. The firm had revenue of $197.35 million during the quarter, compared to analysts’ expectations of $187.74 million. On average, research analysts forecast that Golden Ocean Group will post 1.35 earnings per share for the current year.

Hedge Funds Weigh In On Golden Ocean Group

Large investors have recently modified their holdings of the business. Assenagon Asset Management S.A. raised its position in Golden Ocean Group by 1,372.9% in the second quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock worth $17,392,000 after acquiring an additional 1,174,716 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Golden Ocean Group by 406.0% in the first quarter. BNP Paribas Financial Markets now owns 156,392 shares of the shipping company’s stock valued at $2,027,000 after purchasing an additional 125,484 shares during the period. Russell Investments Group Ltd. boosted its holdings in Golden Ocean Group by 463.6% during the first quarter. Russell Investments Group Ltd. now owns 610,850 shares of the shipping company’s stock worth $7,916,000 after buying an additional 502,476 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Golden Ocean Group by 1,318.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 786,018 shares of the shipping company’s stock worth $10,187,000 after buying an additional 730,609 shares during the period. Finally, Sei Investments Co. purchased a new position in Golden Ocean Group in the first quarter valued at about $677,000. 22.00% of the stock is owned by hedge funds and other 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.