Golden Ocean Group (NASDAQ:GOGL) Raised to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of Golden Ocean Group (NASDAQ:GOGL) from a buy rating to a strong-buy rating in a report released on Thursday morning, BidAskClub reports.

Separately, Zacks Investment Research upgraded Golden Ocean Group from a sell rating to a hold rating in a research report on Friday, June 21st. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $10.08.

Shares of GOGL opened at $6.37 on Thursday. The company has a fifty day simple moving average of $5.14. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.68. Golden Ocean Group has a 52-week low of $4.33 and a 52-week high of $10.05. The company has a market cap of $919.02 million, a P/E ratio of 15.17 and a beta of 2.11.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings data on Wednesday, May 22nd. The shipping company reported ($0.05) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.08. Golden Ocean Group had a return on equity of 4.06% and a net margin of 9.55%. The firm had revenue of $91.81 million during the quarter, compared to the consensus estimate of $74.48 million.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th were paid a $0.025 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $0.10 annualized dividend and a dividend yield of 1.57%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 16.67%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GOGL. Marshall Wace North America L.P. grew its holdings in shares of Golden Ocean Group by 151.0% during the 1st quarter. Marshall Wace North America L.P. now owns 59,464 shares of the shipping company’s stock worth $284,000 after purchasing an additional 35,774 shares in the last quarter. CarVal Investors LLC grew its holdings in shares of Golden Ocean Group by 74.8% during the 1st quarter. CarVal Investors LLC now owns 700,000 shares of the shipping company’s stock worth $3,339,000 after purchasing an additional 299,550 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Golden Ocean Group during the 1st quarter worth approximately $528,000. Millennium Management LLC lifted its position in shares of Golden Ocean Group by 179.7% during the 4th quarter. Millennium Management LLC now owns 296,945 shares of the shipping company’s stock worth $1,829,000 after buying an additional 190,785 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new position in shares of Golden Ocean Group during the 4th quarter worth approximately $4,217,000. 16.98% of the stock is owned by institutional investors.

Golden Ocean Group Company Profile

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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