Golden Ocean Group Ltd. (GOGL) Rating Increased to Buy at Pareto Securities
Golden Ocean Group Ltd. (NASDAQ:GOGL) was upgraded by research analysts at Pareto Securities from a “hold” rating to a “buy” rating in a research note issued on Monday, The Fly reports.
GOGL has been the topic of several other research reports. Zacks Investment Research cut Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Friday. Jefferies Group reiterated a “buy” rating and issued a $5.00 price target on shares of Golden Ocean Group in a report on Tuesday, September 6th. Finally, Clarkson Capital reiterated a “buy” rating on shares of Golden Ocean Group in a report on Friday, June 17th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Golden Ocean Group has a consensus rating of “Hold” and an average price target of $4.50.
Golden Ocean Group (NASDAQ:GOGL) opened at 4.14 on Monday. Golden Ocean Group has a 1-year low of $2.55 and a 1-year high of $14.00. The stock’s market cap is $438.61 million. The firm’s 50-day moving average price is $4.00 and its 200 day moving average price is $3.75.
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Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings results on Wednesday, August 24th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the 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%. Equities research analysts expect that Golden Ocean Group will post ($1.31) EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in GOGL. Folketrygdfondet raised its position in Golden Ocean Group by 198.8% in the first quarter. Folketrygdfondet now owns 18,493,675 shares of the company’s stock valued at $12,853,000 after buying an additional 12,303,887 shares during the last quarter. Canyon Capital Advisors LLC bought a new position in Golden Ocean Group during the second quarter valued at $2,251,000. Gruss & Co. Inc. raised 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 during the last quarter. Emerald Acquisition Ltd. bought a new position in Golden Ocean Group during the second quarter valued at $714,000. Finally, UBS Group AG raised its position in Golden Ocean Group by 522.6% in the first quarter. UBS Group AG now owns 292,567 shares of the company’s stock valued at $203,000 after buying an additional 245,579 shares during the last quarter. 29.11% of the stock is currently owned by hedge funds and other institutional investors.
About Golden Ocean Group
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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