Golden Ocean Group (NASDAQ:GOGL) Cut to Hold at Zacks Investment Research

Golden Ocean Group (NASDAQ:GOGLGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Golden Ocean Group Limited is a shipping company which engaged in the transportation of dry bulk cargoes. It operates primarily in the Capesize and Panamax market. Golden Ocean Group Limited, formerly known as Knightsbridge Shipping Limited, is based in HAMILTON, Bermuda. “

Separately, StockNews.com lowered shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Monday, April 11th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $12.63.

Shares of GOGL stock opened at $13.50 on Tuesday. The firm’s 50 day moving average is $12.08 and its 200-day moving average is $10.19. Golden Ocean Group has a 1 year low of $7.59 and a 1 year high of $14.27. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 5.11 and a beta of 1.37. The company has a current ratio of 1.49, a quick ratio of 1.31 and a debt-to-equity ratio of 0.65.

Golden Ocean Group (NASDAQ:GOGLGet Rating) last announced its quarterly earnings data on Wednesday, February 16th. The shipping company reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.24. Golden Ocean Group had a net margin of 43.82% and a return on equity of 28.15%. The business had revenue of $312.87 million for the quarter, compared to analyst estimates of $284.30 million. During the same period in the prior year, the business posted $0.18 earnings per share. On average, equities research analysts forecast that Golden Ocean Group will post 1.56 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Atticus Wealth Management LLC bought a new stake in shares of Golden Ocean Group during the third quarter worth $27,000. Ahrens Investment Partners LLC bought a new stake in shares of Golden Ocean Group during the fourth quarter worth $28,000. McIlrath & Eck LLC bought a new stake in shares of Golden Ocean Group during the fourth quarter worth $28,000. DeDora Capital Inc. bought a new stake in shares of Golden Ocean Group during the first quarter worth $43,000. Finally, Advisor Group Holdings Inc. increased its position in shares of Golden Ocean Group by 377.3% during the third quarter. Advisor Group Holdings Inc. now owns 4,429 shares of the shipping company’s stock worth $47,000 after acquiring an additional 3,501 shares in the last quarter. 35.31% of the stock is owned by institutional investors.

About Golden Ocean Group (Get Rating)

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels comprising Newcastlemax, Capesize, Panamax, and Ultramax vessels worldwide. It owns and operates dry bulk vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.

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