Golden Ocean Group (NASDAQ:GOGL) Price Target Cut to $12.00 by Analysts at Jefferies Financial Group

Golden Ocean Group (NASDAQ:GOGL) had its price target reduced by equities research analysts at Jefferies Financial Group from $12.50 to $12.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the shipping company’s stock. Jefferies Financial Group’s price target points to a potential upside of 10.50% from the company’s current price.

Several other equities analysts also recently issued reports on GOGL. StockNews.com downgraded shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th. Pareto Securities reaffirmed a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a report on Thursday, November 21st.

Golden Ocean Group Stock Performance

NASDAQ GOGL opened at $10.86 on Wednesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00. Golden Ocean Group has a 1 year low of $8.42 and a 1 year high of $15.77. The company has a market capitalization of $2.17 billion, a PE ratio of 10.15 and a beta of 1.20. The company has a fifty day moving average of $11.82 and a two-hundred day moving average of $12.60.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.04. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. The company had revenue of $197.35 million during the quarter, compared to the consensus estimate of $187.74 million. As a group, analysts expect that Golden Ocean Group will post 1.18 earnings per share for the current year.

Institutional Investors Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd purchased a new stake in shares of Golden Ocean Group in the third quarter valued at about $28,000. Nisa Investment Advisors LLC raised its holdings in Golden Ocean Group by 1,720.1% during the second quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after purchasing an additional 3,595 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Golden Ocean Group by 2,319.5% during the second quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock worth $127,000 after purchasing an additional 8,791 shares in the last quarter. Lazard Asset Management LLC purchased a new position in Golden Ocean Group during the first quarter worth about $149,000. Finally, Bayesian Capital Management LP purchased a new position in Golden Ocean Group during the first quarter worth about $151,000. 22.00% of the stock is owned by hedge funds and other institutional investors.

Golden Ocean Group Company Profile

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.