Upgraded to Buy by DNB Markets
Golden Ocean Group Limited logoDNB Markets upgraded shares of Golden Ocean Group Limited (NASDAQ:GOGL) from a hold rating to a buy rating in a report issued on Tuesday.
Several other equities research analysts also recently commented on the stock. Morgan Stanley raised shares of Golden Ocean Group Limited from an underweight rating to an overweight rating and upped their target price for the company from $2.50 to $10.00 in a research note on Tuesday, March 28th. They noted that the move was a valuation call. Pareto Securities raised shares of Golden Ocean Group Limited from a hold rating to a buy rating in a research note on Wednesday, March 15th. J P Morgan Chase & Co raised shares of Golden Ocean Group Limited from a neutral rating to an overweight rating and upped their target price for the company from $6.00 to $14.00 in a research note on Friday, April 7th. Zacks Investment Research downgraded shares of Golden Ocean Group Limited from a buy rating to a hold rating in a research note on Thursday, May 25th. Finally, Seaport Global Securities started coverage on shares of Golden Ocean Group Limited in a research note on Tuesday, June 13th. They issued a buy rating and a $10.00 target price for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $8.75.
Get Golden Ocean Group Limited alerts: Golden Ocean Group Limited (NASDAQ:GOGL) traded down 8.138% on Tuesday, reaching $6.265. 252,812 shares of the company’s stock traded hands. Golden Ocean Group Limited has a 52-week low of $3.22 and a 52-week high of $9.05. The firm’s market capitalization is $781.07 million. The firm’s 50 day moving average price is $6.21 and its 200 day moving average price is $6.32.
Golden Ocean Group Limited (NASDAQ:GOGL) last posted its quarterly earnings results on Wednesday, May 24th. The shipping company reported ($0.17) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.14) by $0.03. The business had revenue of $83.82 million for the quarter, compared to the consensus estimate of $58.80 million. Golden Ocean Group Limited had a negative return on equity of 5.71% and a negative net margin of 26.08%. On average, analysts predict that Golden Ocean Group Limited will post ($0.24) EPS for the current fiscal year.
Large investors have recently modified their holdings of the stock. Folketrygdfondet increased its stake in shares of Golden Ocean Group Limited by 88.8% in the first quarter. Folketrygdfondet now owns 6,331,522 shares of the shipping company’s stock valued at $48,436,000 after buying an additional 2,978,808 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Golden Ocean Group Limited by 547.0% in the first quarter. Renaissance Technologies LLC now owns 1,189,110 shares of the shipping company’s stock valued at $9,092,000 after buying an additional 1,005,310 shares during the last quarter. Credit Suisse AG increased its stake in shares of Golden Ocean Group Limited by 1,270.4% in the first quarter. Credit Suisse AG now owns 848,076 shares of the shipping company’s stock valued at $6,488,000 after buying an additional 786,192 shares during the last quarter. EAM Investors LLC purchased a new stake in shares of Golden Ocean Group Limited during the first quarter valued at approximately $4,081,000. Finally, CarVal Investors LLC purchased a new stake in shares of Golden Ocean Group Limited during the first quarter valued at approximately $4,075,000. 12.38% of the stock is owned by hedge funds and other institutional investors.
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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