Golden Ocean Group (NASDAQ:GOGL) Cut to Buy at BidaskClub

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

GOGL has been the subject of several other reports. ValuEngine upgraded Golden Ocean Group from a sell rating to a hold rating in a report on Thursday, August 1st. Zacks Investment Research upgraded Golden Ocean Group from a sell rating to a hold rating in a report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. Golden Ocean Group currently has a consensus rating of Hold and an average price target of $8.63.

GOGL stock opened at $5.92 on Friday. 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 50-day moving average price of $5.93 and a 200 day moving average price of $5.56. The company has a market capitalization of $861.17 million, a P/E ratio of 28.57 and a beta of 2.02. Golden Ocean Group has a 1-year low of $4.33 and a 1-year high of $10.05.



Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Thursday, August 15th. The shipping company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm 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%.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 30th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.03. This represents a $0.40 dividend on an annualized basis and a yield of 6.76%. Golden Ocean Group’s payout ratio is currently 66.67%.

A number of institutional investors have recently made changes to their positions in the business. Sigma Planning Corp raised its holdings in Golden Ocean Group by 12.9% in the second quarter. Sigma Planning Corp now owns 15,637 shares of the shipping company’s stock worth $91,000 after purchasing an additional 1,788 shares in the last quarter. Swiss National Bank raised its holdings in Golden Ocean Group by 2.1% in the second quarter. Swiss National Bank now owns 161,068 shares of the shipping company’s stock worth $931,000 after purchasing an additional 3,337 shares in the last quarter. Parametric Portfolio Associates LLC bought a new position in Golden Ocean Group in the second quarter worth about $95,000. Marshall Wace North America L.P. raised its holdings in Golden Ocean Group by 31.5% in the second quarter. Marshall Wace North America L.P. now owns 78,201 shares of the shipping company’s stock worth $454,000 after purchasing an additional 18,737 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Golden Ocean Group by 17.5% in the second quarter. Royal Bank of Canada now owns 195,175 shares of the shipping company’s stock worth $1,134,000 after purchasing an additional 29,071 shares in the last quarter. Institutional investors and hedge funds own 14.70% of the company’s stock.

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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