Golden Ocean Group Ltd. (GOGL) Lifted to “Buy” at Pareto Securities
Golden Ocean Group Ltd. (NASDAQ:GOGL) was upgraded by analysts at Pareto Securities from a “hold” rating to a “buy” rating in a research report issued on Monday, The Fly reports.
A number of other research analysts have also recently commented on GOGL. Zacks Investment Research cut Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Friday. Jefferies Group reaffirmed a “buy” rating and set a $5.00 target price on shares of Golden Ocean Group in a research note on Tuesday, September 6th. Finally, Clarkson Capital reaffirmed a “buy” rating on shares of Golden Ocean Group in a research note on Friday, June 17th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $4.50.
Golden Ocean Group (NASDAQ:GOGL) opened at 4.14 on Monday. The company’s market cap is $438.61 million. The company’s 50-day moving average price is $4.00 and its 200-day moving average price is $3.75. Golden Ocean Group has a 52-week low of $2.55 and a 52-week high of $14.00.
Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings data on Wednesday, August 24th. The company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.04. Golden Ocean Group had a negative return on equity of 10.86% and a negative net margin of 97.58%. Equities research analysts expect that Golden Ocean Group will post ($1.31) EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in the stock. Folketrygdfondet raised its stake in shares of Golden Ocean Group by 198.8% in the first quarter. Folketrygdfondet now owns 18,493,675 shares of the company’s stock worth $12,853,000 after buying an additional 12,303,887 shares during the last quarter. Canyon Capital Advisors LLC purchased a new stake in shares of Golden Ocean Group during the second quarter worth about $2,251,000. Gruss & Co. Inc. raised its stake in shares of Golden Ocean Group by 49.2% in the second quarter. Gruss & Co. Inc. now owns 1,932,258 shares of the company’s stock worth $1,283,000 after buying an additional 637,607 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Golden Ocean Group during the second quarter worth about $714,000. Finally, Paloma Partners Management Co purchased a new stake in shares of Golden Ocean Group during the second quarter worth about $159,000. Hedge funds and other institutional investors own 29.11% of the company’s stock.
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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