Golden Ocean Group (NASDAQ:GOGL) Upgraded to “Buy” by BidaskClub

Golden Ocean Group (NASDAQ:GOGL) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Saturday, BidAskClub reports.

Other equities analysts have also issued research reports about the company. ValuEngine upgraded Golden Ocean Group from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded Golden Ocean Group from a “sell” rating to a “hold” rating in a research note on Friday, June 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Golden Ocean Group presently has an average rating of “Hold” and a consensus target price of $8.63.

Shares of GOGL stock opened at $6.16 on Friday. The firm has a market capitalization of $869.78 million, a price-to-earnings ratio of 28.86 and a beta of 1.94. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.76 and a quick ratio of 0.76. The business has a fifty day moving average of $6.04 and a 200 day moving average of $5.65. Golden Ocean Group has a 1 year low of $4.33 and a 1 year high of $9.13.

Golden Ocean Group (NASDAQ:GOGL) last issued its earnings results on Thursday, August 15th. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.01. The company had revenue of $115.78 million during the quarter. Golden Ocean Group had a return on equity of 2.10% and a net margin of 3.02%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GOGL. Platinum Investment Management Ltd. boosted its holdings in Golden Ocean Group by 21.8% in the 2nd quarter. Platinum Investment Management Ltd. now owns 3,350,000 shares of the shipping company’s stock worth $165,356,000 after buying an additional 600,000 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Golden Ocean Group by 23.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,843,050 shares of the shipping company’s stock worth $10,708,000 after purchasing an additional 350,850 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Golden Ocean Group by 33.7% during the 2nd quarter. Marshall Wace LLP now owns 1,168,319 shares of the shipping company’s stock worth $6,765,000 after purchasing an additional 294,329 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Golden Ocean Group by 108.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 472,140 shares of the shipping company’s stock worth $2,687,000 after purchasing an additional 246,060 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Golden Ocean Group by 6.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,601,356 shares of the shipping company’s stock worth $9,105,000 after purchasing an additional 96,323 shares during the last quarter. Institutional investors and hedge funds own 14.70% of the company’s stock.

About Golden Ocean Group

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

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