Shares of Golden Ocean Group Limited (NASDAQ:GOGL) have been assigned an average recommendation of “Buy” from the nine brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $10.00.

Several brokerages recently issued reports on GOGL. Zacks Investment Research raised Golden Ocean Group Limited from a “hold” rating to a “buy” rating and set a $10.00 price target on the stock in a report on Monday, September 4th. Clarkson Capital downgraded Golden Ocean Group Limited from a “buy” rating to a “neutral” rating in a report on Tuesday, October 17th. Nordea Equity Research raised Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Finally, BidaskClub raised Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th.

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

Several hedge funds and other institutional investors have recently made changes to their positions in GOGL. Renaissance Technologies LLC lifted its holdings in shares of Golden Ocean Group Limited by 547.0% in the 1st quarter. Renaissance Technologies LLC now owns 1,189,110 shares of the shipping company’s stock worth $9,092,000 after purchasing an additional 1,005,310 shares during the last quarter. Credit Suisse AG increased its position in Golden Ocean Group Limited by 1,270.4% in the 1st quarter. Credit Suisse AG now owns 848,076 shares of the shipping company’s stock valued at $6,488,000 after acquiring an additional 786,192 shares during the period. Folketrygdfondet increased its position in Golden Ocean Group Limited by 4.9% in the 2nd quarter. Folketrygdfondet now owns 6,642,402 shares of the shipping company’s stock valued at $44,637,000 after acquiring an additional 310,880 shares during the period. UBS Group AG increased its position in Golden Ocean Group Limited by 258.3% in the 1st quarter. UBS Group AG now owns 365,366 shares of the shipping company’s stock valued at $2,795,000 after acquiring an additional 263,384 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Golden Ocean Group Limited by 4,697.9% in the 1st quarter. JPMorgan Chase & Co. now owns 262,063 shares of the shipping company’s stock valued at $2,005,000 after acquiring an additional 256,601 shares during the period. 9.93% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Golden Ocean Group Limited (NASDAQ:GOGL)

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