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

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

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

Golden Ocean Group Price Performance

Shares of GOGL stock traded down $0.07 during trading hours on Friday, reaching $13.17. The company’s stock had a trading volume of 808,081 shares, compared to its average volume of 1,627,995. Golden Ocean Group has a fifty-two week low of $7.09 and a fifty-two week high of $15.77. The firm’s 50 day simple moving average is $12.13 and its 200-day simple moving average is $13.11. The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 14.16 and a beta of 1.16.

Golden Ocean Group (NASDAQ:GOGL) last released its earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. The firm had revenue of $197.35 million for the quarter, compared to analysts’ expectations of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. Sell-side analysts forecast that Golden Ocean Group will post 1.35 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Golden Ocean Group by 273.9% during the 1st quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock worth $67,274,000 after acquiring an additional 3,802,652 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of Golden Ocean Group by 15.7% during the first quarter. Bridgeway Capital Management LLC now owns 1,557,322 shares of the shipping company’s stock worth $20,183,000 after purchasing an additional 211,629 shares during the period. Marshall Wace LLP lifted its holdings in shares of Golden Ocean Group by 96.9% during the second quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock worth $21,491,000 after purchasing an additional 766,436 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Golden Ocean Group by 1,372.9% in the second quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock worth $17,392,000 after purchasing an additional 1,174,716 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in Golden Ocean Group by 55.5% in the second quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock valued at $16,219,000 after purchasing an additional 417,539 shares during the period. Institutional investors and hedge funds 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.