StockNews.com Upgrades Golden Ocean Group (NASDAQ:GOGL) to “Buy”

by · The Markets Daily

StockNews.com upgraded shares of Golden Ocean Group (NASDAQ:GOGL – Free Report) from a hold rating to a buy rating in a report released on Friday.

Separately, Jefferies Financial Group reduced their price target on Golden Ocean Group from $15.50 to $14.50 and set a hold rating on the stock in a research report on Wednesday, August 28th.

Get Our Latest Stock Analysis on Golden Ocean Group

Golden Ocean Group Trading Up 1.6 %

GOGL opened at $13.38 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00. Golden Ocean Group has a fifty-two week low of $7.09 and a fifty-two week high of $15.77. The company’s 50 day moving average price is $12.13 and its two-hundred day moving average price is $13.10. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 14.39 and a beta of 1.16.

Golden Ocean Group (NASDAQ:GOGL – Get Free Report) last issued its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. The company had revenue of $197.35 million for the quarter, compared to analyst estimates of $187.74 million. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. As a group, research analysts predict that Golden Ocean Group will post 1.35 earnings per share for the current year.

Golden Ocean Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Wednesday, September 11th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.97%. The ex-dividend date of this dividend was Wednesday, September 11th. Golden Ocean Group’s dividend payout ratio is currently 129.03%.

Hedge Funds Weigh In On Golden Ocean Group

A number of hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its holdings in Golden Ocean Group by 1,372.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock worth $17,392,000 after acquiring an additional 1,174,716 shares during the period. BNP Paribas Financial Markets grew its stake in Golden Ocean Group by 406.0% during the first quarter. BNP Paribas Financial Markets now owns 156,392 shares of the shipping company’s stock worth $2,027,000 after purchasing an additional 125,484 shares during the period. Russell Investments Group Ltd. increased its holdings in Golden Ocean Group by 463.6% in the first quarter. Russell Investments Group Ltd. now owns 610,850 shares of the shipping company’s stock worth $7,916,000 after purchasing an additional 502,476 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Golden Ocean Group by 1,318.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 786,018 shares of the shipping company’s stock valued at $10,187,000 after buying an additional 730,609 shares during the period. Finally, Sei Investments Co. bought a new position in shares of Golden Ocean Group during the 1st quarter worth approximately $677,000. Institutional investors own 22.00% of the company’s stock.

About Golden Ocean Group

(Get Free Report)

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels worldwide. The company’s dry bulk vessels comprise Newcastlemax, Capesize, and Panamax vessels operating in the spot and time charter markets. It also transports a range of bulk commodities, including ores, coal, grains, and fertilizers.

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