Golden Ocean Group (NASDAQ:GOGL) Cut to “Hold” at StockNews.com

Golden Ocean Group (NASDAQ:GOGL) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Separately, Jefferies Financial Group cut their price target 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 Price Performance

Shares of NASDAQ GOGL opened at $12.98 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66. The company’s 50-day moving average price is $12.15 and its 200 day moving average price is $13.11. Golden Ocean Group has a 52 week low of $7.09 and a 52 week high of $15.77. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 13.96 and a beta of 1.17.

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

Hedge Funds Weigh In On Golden Ocean Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC boosted its stake in shares of Golden Ocean Group by 14.4% in the third quarter. SG Americas Securities LLC now owns 47,304 shares of the shipping company’s stock valued at $633,000 after purchasing an additional 5,968 shares during the period. Susquehanna Fundamental Investments LLC grew its stake in shares of Golden Ocean Group by 129.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 138,193 shares of the shipping company’s stock valued at $1,907,000 after acquiring an additional 77,971 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Golden Ocean Group by 3.1% during the second quarter. The Manufacturers Life Insurance Company now owns 43,840 shares of the shipping company’s stock worth $605,000 after acquiring an additional 1,300 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Golden Ocean Group in the second quarter worth about $1,746,000. Finally, Marshall Wace LLP boosted its holdings in Golden Ocean Group by 96.9% in the second quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock valued at $21,491,000 after purchasing an additional 766,436 shares during the last quarter. 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.