Analysts Expect Golden Ocean Group Limited (NASDAQ:GOGL) Will Post Quarterly Sales of $65.36 Million
Wall Street brokerages predict that Golden Ocean Group Limited (NASDAQ:GOGL) will announce $65.36 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Golden Ocean Group Limited’s earnings. The highest sales estimate is $71.42 million and the lowest is $59.30 million. Golden Ocean Group Limited reported sales of $55.57 million during the same quarter last year, which indicates a positive year over year growth rate of 17.6%. The company is expected to issue its next quarterly earnings results on Wednesday, August 23rd.
On average, analysts expect that Golden Ocean Group Limited will report full-year sales of $65.36 million for the current financial year, with estimates ranging from $253.90 million to $293.79 million. For the next financial year, analysts expect that the business will report sales of $419.06 million per share, with estimates ranging from $348.00 million to $504.70 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Golden Ocean Group Limited.
Golden Ocean Group Limited (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, May 24th. The shipping company reported ($0.17) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by $0.03. The firm had revenue of $83.82 million for the quarter, compared to analysts’ expectations of $58.80 million. Golden Ocean Group Limited had a negative net margin of 26.08% and a negative return on equity of 5.71%.
A number of brokerages have recently commented on GOGL. Zacks Investment Research raised Golden Ocean Group Limited from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 26th. DNB Markets raised Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. J P Morgan Chase & Co raised Golden Ocean Group Limited from a “neutral” rating to an “overweight” rating in a research report on Tuesday, July 4th. BidaskClub downgraded Golden Ocean Group Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Seaport Global Securities began coverage on Golden Ocean Group Limited in a research report on Tuesday, June 13th. They set a “buy” rating and a $10.00 price objective for the company. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $8.75.
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A number of large investors have recently bought and sold shares of the company. Two Sigma Securities LLC acquired a new stake in Golden Ocean Group Limited during the first quarter valued at $123,000. Highbridge Capital Management LLC acquired a new stake in Golden Ocean Group Limited during the first quarter valued at $147,000. Dynamic Technology Lab Private Ltd acquired a new stake in Golden Ocean Group Limited during the first quarter valued at $168,000. WealthTrust Axiom LLC boosted its stake in Golden Ocean Group Limited by 15.1% in the second quarter. WealthTrust Axiom LLC now owns 25,431 shares of the shipping company’s stock valued at $170,000 after buying an additional 3,330 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in Golden Ocean Group Limited during the first quarter valued at $238,000. Hedge funds and other institutional investors own 12.22% of the company’s stock.
About Golden Ocean Group Limited
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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