Golden Ocean Group (GOGL) Announces Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Golden Ocean Group (NASDAQ:GOGL) released its earnings results on Wednesday. The shipping company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.08, Morningstar.com reports. Golden Ocean Group had a return on equity of 5.65% and a net margin of 12.89%.

NASDAQ GOGL opened at $5.37 on Thursday. The stock has a market capitalization of $751.66 million, a price-to-earnings ratio of 8.95 and a beta of 1.92. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.85 and a quick ratio of 0.80. Golden Ocean Group has a 1-year low of $4.61 and a 1-year high of $10.05.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th will be given a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Wednesday, June 5th. Golden Ocean Group’s dividend payout ratio is currently 33.33%.



Several equities analysts have weighed in on the company. Zacks Investment Research downgraded Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Thursday, January 24th. BidaskClub raised Golden Ocean Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, April 4th. Finally, ValuEngine raised Golden Ocean Group from a “strong sell” rating to a “sell” rating in a research report on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $10.31.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP acquired a new position in shares of Golden Ocean Group during the fourth quarter worth about $69,000. Sigma Planning Corp grew its position in shares of Golden Ocean Group by 19.7% during the fourth quarter. Sigma Planning Corp now owns 14,570 shares of the shipping company’s stock worth $90,000 after buying an additional 2,393 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Golden Ocean Group by 87.1% during the first quarter. Wells Fargo & Company MN now owns 23,798 shares of the shipping company’s stock worth $114,000 after buying an additional 11,077 shares in the last quarter. Gotham Asset Management LLC acquired a new position in shares of Golden Ocean Group during the fourth quarter worth about $119,000. Finally, M&T Bank Corp grew its position in shares of Golden Ocean Group by 7.7% during the fourth quarter. M&T Bank Corp now owns 41,440 shares of the shipping company’s stock worth $255,000 after buying an additional 2,974 shares in the last quarter. 17.13% of the stock is owned by 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, 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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Earnings History for Golden Ocean Group (NASDAQ:GOGL)

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