Golden Ocean Group (NASDAQ:GOGL) Stock Rating Upgraded by StockNews.com

Golden Ocean Group (NASDAQ:GOGL) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Friday.

Separately, Jefferies Financial Group cut their price objective on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a report on Wednesday, August 28th.

Golden Ocean Group Trading Down 0.5 %

Shares of Golden Ocean Group stock opened at $13.17 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 1 year low of $7.09 and a 1 year high of $15.77. The firm has a market cap of $2.63 billion, a PE ratio of 14.16 and a beta of 1.16. The company has a 50 day simple moving average of $12.13 and a two-hundred day simple moving average of $13.10.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. The company had revenue of $197.35 million during the quarter, compared to the consensus estimate of $187.74 million. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. Analysts expect that Golden Ocean Group will post 1.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Golden Ocean Group

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Golden Ocean Group by 273.9% during the first quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock valued at $67,274,000 after buying an additional 3,802,652 shares during the period. Bridgeway Capital Management LLC lifted its stake in shares of Golden Ocean Group by 15.7% in the 1st quarter. Bridgeway Capital Management LLC now owns 1,557,322 shares of the shipping company’s stock valued at $20,183,000 after acquiring an additional 211,629 shares during the last quarter. Marshall Wace LLP boosted its holdings in Golden Ocean Group by 96.9% during the 2nd quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock valued at $21,491,000 after acquiring an additional 766,436 shares during the period. Assenagon Asset Management S.A. grew its position 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 last quarter. Finally, Hsbc Holdings PLC increased its stake in Golden Ocean Group by 55.5% in the 2nd quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock worth $16,219,000 after purchasing an additional 417,539 shares during the period. Hedge funds and other institutional investors own 22.00% of the company’s stock.

About Golden Ocean Group

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.