Jefferies Financial Group Has Lowered Expectations for Golden Ocean Group (NASDAQ:GOGL) Stock Price

Golden Ocean Group (NASDAQ:GOGL) had its price objective dropped by equities researchers at Jefferies Financial Group from $12.50 to $12.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the shipping company’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 18.93% from the company’s current price.

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

Golden Ocean Group Trading Down 7.1 %

Golden Ocean Group stock opened at $10.09 on Wednesday. The business’s 50-day simple moving average is $11.73 and its 200-day simple moving average is $12.56. Golden Ocean Group has a 52 week low of $8.42 and a 52 week high of $15.77. The firm has a market capitalization of $2.02 billion, a PE ratio of 9.43 and a beta of 1.20. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.00 and a current ratio of 1.17.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates 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 research analysts forecast that Golden Ocean Group will post 1.18 earnings per share for the current year.

Institutional Trading of Golden Ocean Group

Several institutional investors have recently made changes to their positions in GOGL. Public Employees Retirement System of Ohio acquired a new position in Golden Ocean Group in the third quarter worth about $1,543,000. Two Sigma Advisers LP raised its holdings in shares of Golden Ocean Group by 6.9% in the 3rd quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company’s stock worth $36,817,000 after buying an additional 177,100 shares in the last quarter. Quadrature Capital Ltd lifted its position in shares of Golden Ocean Group by 8.4% during the 3rd quarter. Quadrature Capital Ltd now owns 66,760 shares of the shipping company’s stock worth $894,000 after buying an additional 5,180 shares during the period. Quantinno Capital Management LP boosted its stake in Golden Ocean Group by 96.3% in the 3rd quarter. Quantinno Capital Management LP now owns 19,740 shares of the shipping company’s stock valued at $264,000 after buying an additional 9,684 shares in the last quarter. Finally, Petrus Trust Company LTA grew its position in Golden Ocean Group by 117.0% in the third quarter. Petrus Trust Company LTA now owns 73,984 shares of the shipping company’s stock valued at $990,000 after acquiring an additional 39,891 shares during the period. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.