Brokerages predict that Golden Ocean Group Limited (NASDAQ:GOGL) will post sales of $74.29 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Golden Ocean Group Limited’s earnings, with the highest sales estimate coming in at $79.70 million and the lowest estimate coming in at $68.87 million. Golden Ocean Group Limited reported sales of $71.01 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 4.6%. The company is expected to issue its next 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 financial year, analysts anticipate that the business will report sales of $435.49 million per share, with estimates ranging from $347.40 million to $560.38 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Golden Ocean Group Limited.

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, beating analysts’ consensus estimates of ($0.13) by $0.03. The company 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 net margin of 14.69% and a negative return on equity of 3.91%.

A number of research firms have weighed in on GOGL. BidaskClub upgraded shares of Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Zacks Investment Research upgraded shares of Golden Ocean Group Limited from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Monday, September 4th. Seaport Global Securities began coverage on shares of 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. Nordea Equity Research upgraded shares of Golden Ocean Group Limited from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Finally, J P Morgan Chase & Co upgraded shares of Golden Ocean Group Limited from a “neutral” rating to an “overweight” rating in a research report on Tuesday, July 4th. Eight investment analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and a consensus target price of $11.00.

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Several hedge funds and other institutional investors have recently modified their holdings of GOGL. Zacks Investment Management acquired a new stake in shares of Golden Ocean Group Limited in the second quarter valued at about $118,000. Two Sigma Securities LLC acquired a new stake in shares of Golden Ocean Group Limited in the first quarter valued at about $123,000. Ameriprise Financial Inc. raised 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 last quarter. Highbridge Capital Management LLC acquired a new stake in shares of Golden Ocean Group Limited in the first quarter valued at about $147,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Golden Ocean Group Limited in the first quarter valued at about $168,000. Institutional investors and hedge funds own 10.51% of the company’s stock.

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) traded down 4.26% during mid-day trading on Wednesday, reaching $8.76. 214,540 shares of the company’s stock were exchanged. The company’s 50 day moving average is $8.44 and its 200 day moving average is $7.29. The stock’s market capitalization is $1.16 billion. Golden Ocean Group Limited has a 1-year low of $3.50 and a 1-year high of $9.95.

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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