Wall Street analysts forecast that Golden Ocean Group Limited (NASDAQ:GOGL) will report sales of $74.29 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Golden Ocean Group Limited’s earnings. The lowest sales estimate is $68.87 million and the highest is $79.70 million. Golden Ocean Group Limited posted sales of $71.01 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.6%. The firm is expected to report its next quarterly earnings results on Tuesday, November 28th.

On average, analysts expect that Golden Ocean Group Limited will report full year sales of $74.29 million for the current year, with estimates ranging from $285.16 million to $310.31 million. For the next fiscal year, analysts forecast that the business will post sales of $435.49 million per share, with estimates ranging from $347.40 million to $560.38 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Golden Ocean Group Limited.

Golden Ocean Group Limited (NASDAQ:GOGL) last released its quarterly earnings data on Thursday, August 17th. The shipping company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.03. Golden Ocean Group Limited had a negative net margin of 14.69% and a negative return on equity of 3.91%. The company had revenue of $99.86 million during the quarter, compared to analyst estimates of $65.36 million.

GOGL has been the topic of several analyst reports. J P Morgan Chase & Co upgraded Golden Ocean Group Limited from a “neutral” rating to an “overweight” rating in a research report on Tuesday, July 4th. Zacks Investment Research cut Golden Ocean Group Limited from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. DNB Markets upgraded Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. BidaskClub upgraded Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Nordea Equity Research upgraded Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $8.75.

Shares of Golden Ocean Group Limited (GOGL) opened at 8.90 on Friday. Golden Ocean Group Limited has a 1-year low of $3.49 and a 1-year high of $9.05. The company has a 50-day moving average of $7.49 and a 200-day moving average of $6.99. The stock’s market capitalization is $1.18 billion.

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Institutional investors have recently modified their holdings of the stock. Two Sigma Securities LLC purchased a new position in shares of Golden Ocean Group Limited during the first quarter valued at about $123,000. Zacks Investment Management purchased a new position in shares of Golden Ocean Group Limited during the second quarter valued at about $118,000. Ameriprise Financial Inc. boosted its position in shares of Golden Ocean Group Limited by 10.7% in the second quarter. Ameriprise Financial Inc. now owns 19,106 shares of the shipping company’s stock valued at $128,000 after buying an additional 1,840 shares during the period. Highbridge Capital Management LLC purchased a new position in shares of Golden Ocean Group Limited during the first quarter valued at about $147,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Golden Ocean Group Limited during the first quarter valued at about $168,000. Institutional investors own 11.93% of the company’s stock.

Golden Ocean Group Limited 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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