Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down After Analyst Downgrade

Golden Ocean Group Limited (NASDAQ:GOGL) gapped down before the market opened on Wednesday after Jefferies Financial Group lowered their price target on the stock from $12.50 to $12.00. The stock had previously closed at $10.86, but opened at $9.84. Jefferies Financial Group currently has a hold rating on the stock. Golden Ocean Group shares last traded at $9.87, with a volume of 807,646 shares trading hands.

Other equities research analysts have also issued reports about the company. Pareto Securities restated a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a research report on Thursday, November 21st. StockNews.com lowered Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th.

Institutional Investors Weigh In On Golden Ocean Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Golden Ocean Group by 273.9% in the 1st quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock worth $67,274,000 after acquiring an additional 3,802,652 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Golden Ocean Group by 1,372.9% during the second quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock worth $17,392,000 after purchasing an additional 1,174,716 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Golden Ocean Group by 96.9% during the second quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock worth $21,491,000 after buying an additional 766,436 shares during the period. Mirabella Financial Services LLP acquired a new stake in shares of Golden Ocean Group in the third quarter valued at $9,360,000. Finally, Hsbc Holdings PLC grew its stake in shares of Golden Ocean Group by 55.5% in the second quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock valued at $16,219,000 after buying an additional 417,539 shares in the last quarter. Hedge funds and other institutional investors own 22.00% of the company’s stock.

Golden Ocean Group Price Performance

The company has a fifty day moving average of $11.78 and a 200-day moving average of $12.58. The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66. The stock has a market cap of $2.02 billion, a PE ratio of 9.43 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.04. The business had revenue of $197.35 million for the quarter, compared to analysts’ expectations of $187.74 million. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. Sell-side analysts expect that Golden Ocean Group Limited will post 1.18 EPS for the current fiscal year.

About Golden Ocean Group

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels worldwide. The company’s dry bulk vessels comprise Newcastlemax, Capesize, and Panamax vessels operating in the spot and time charter markets. It also transports a range of bulk commodities, including ores, coal, grains, and fertilizers.