Golden Ocean Group (GOGL) PT Lowered to $9.50 at Morgan Stanley

Golden Ocean Group (NASDAQ:GOGL) had its price objective dropped by Morgan Stanley from $10.00 to $9.50 in a research report issued to clients and investors on Tuesday. The brokerage presently has an “equal weight” rating on the shipping company’s stock. Morgan Stanley’s price objective indicates a potential upside of 18.75% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Clarkson Capital raised Golden Ocean Group from a “neutral” rating to a “buy” rating in a research report on Monday, February 12th. TheStreet raised Golden Ocean Group from a “d+” rating to a “c” rating in a research report on Tuesday, February 20th. BidaskClub raised Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Friday, January 5th. JPMorgan Chase increased their price target on Golden Ocean Group from $11.00 to $11.50 and gave the company an “overweight” rating in a report on Friday, March 23rd. Finally, ValuEngine cut Golden Ocean Group from a “sell” rating to a “strong sell” rating in a report on Monday, April 2nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. Golden Ocean Group has an average rating of “Hold” and an average price target of $10.38.

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GOGL stock opened at $8.00 on Tuesday. Golden Ocean Group has a 12-month low of $5.43 and a 12-month high of $9.95. The company has a debt-to-equity ratio of 0.79, a quick ratio of 2.34 and a current ratio of 2.45.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Tuesday, February 20th. The shipping company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.06. The business had revenue of $151.45 million for the quarter, compared to analysts’ expectations of $104.91 million. Golden Ocean Group had a negative return on equity of 0.17% and a negative net margin of 0.51%. research analysts anticipate that Golden Ocean Group will post 0.6 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in shares of Golden Ocean Group by 317.0% during the 4th quarter. Millennium Management LLC now owns 519,955 shares of the shipping company’s stock valued at $4,238,000 after buying an additional 395,265 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Golden Ocean Group by 34.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 54,452 shares of the shipping company’s stock valued at $443,000 after buying an additional 14,016 shares during the period. Deutsche Bank AG lifted its holdings in shares of Golden Ocean Group by 32.3% during the 4th quarter. Deutsche Bank AG now owns 635,270 shares of the shipping company’s stock valued at $5,176,000 after buying an additional 154,923 shares during the period. AMP Capital Investors Ltd bought a new position in shares of Golden Ocean Group during the 4th quarter valued at $195,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Golden Ocean Group by 12.9% during the 4th quarter. Renaissance Technologies LLC now owns 1,067,082 shares of the shipping company’s stock valued at $8,697,000 after buying an additional 121,810 shares during the period. 26.54% of the stock is currently owned by hedge funds and other institutional investors.

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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, Kamsarmax, Panamax, and Supramax vessels. The company transports bulk commodities, such as ores, coal, grains, and fertilizers along worldwide shipping routes.

Analyst Recommendations for Golden Ocean Group (NASDAQ:GOGL)

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