Zacks Investment Research Lowers Golden Ocean Group Ltd. (GOGL) to Hold
Golden Ocean Group Ltd. (NASDAQ:GOGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Golden Ocean Group Limited is a shipping company which engaged in the transportation of dry bulk cargoes. It operates primarily in the Capesize and Panamax market. Golden Ocean Group Limited, formerly known as Knightsbridge Shipping Limited, is based in HAMILTON, Bermuda. “
Several other equities analysts also recently issued reports on GOGL. Clarkson Capital reaffirmed a “buy” rating on shares of Golden Ocean Group in a report on Friday, June 17th. Jefferies Group reaffirmed a “buy” rating and set a $5.00 price objective on shares of Golden Ocean Group in a report on Tuesday, September 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $4.50.
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Golden Ocean Group (NASDAQ:GOGL) traded down 4.61% during midday trading on Friday, reaching $4.14. 27,543 shares of the company’s stock traded hands. The company’s market capitalization is $438.61 million. The firm’s 50-day moving average is $4.00 and its 200-day moving average is $3.75. Golden Ocean Group has a 1-year low of $2.55 and a 1-year high of $14.00.
Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings data on Wednesday, August 24th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.04. Golden Ocean Group had a negative net margin of 97.58% and a negative return on equity of 10.86%. Analysts forecast that Golden Ocean Group will post ($1.31) earnings per share for the current year.
Several institutional investors have recently bought and sold shares of the company. Phoenix Investment Adviser LLC acquired a new position in Golden Ocean Group during the second quarter valued at $105,000. Paloma Partners Management Co acquired a new position in Golden Ocean Group during the second quarter valued at $159,000. Emerald Acquisition Ltd. acquired a new position in Golden Ocean Group during the second quarter valued at $714,000. Gruss & Co. Inc. increased its position in Golden Ocean Group by 49.2% in the second quarter. Gruss & Co. Inc. now owns 1,932,258 shares of the company’s stock valued at $1,283,000 after buying an additional 637,607 shares in the last quarter. Finally, Canyon Capital Advisors LLC acquired a new position in Golden Ocean Group during the second quarter valued at $2,251,000. 29.11% of the stock is currently owned by hedge funds and other institutional investors.
Golden Ocean Group Company Profile
Golden Ocean Group Limited, formerly Knightsbridge Shipping Limited, is an international dry bulk shipping company. The Company is engaged in the transportation of dry bulk cargoes. It owns and operates a fleet of dry bulk carrier vessels, focusing on the Capesize, Panamax and Supramax markets. Its vessels transport a range of major and minor bulk commodities, including ores, coal, grains and fertilizers.
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