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

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price gapped down prior to trading 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 changing hands.

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

Hedge Funds Weigh In On Golden Ocean Group

Hedge funds have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd acquired a new position in Golden Ocean Group in the third quarter valued at about $28,000. Nisa Investment Advisors LLC raised its position in shares of 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 during the period. EverSource Wealth Advisors LLC raised its position in shares of 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 during the period. Lazard Asset Management LLC acquired a new stake in shares of Golden Ocean Group during the first quarter worth about $149,000. Finally, Bayesian Capital Management LP acquired a new stake in shares of Golden Ocean Group during the first quarter worth about $151,000. Institutional investors and hedge funds own 22.00% of the company’s stock.

Golden Ocean Group Stock Performance

The company has a market cap of $1.97 billion, a price-to-earnings ratio of 9.22 and a beta of 1.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00. The stock has a 50-day moving average price of $11.82 and a 200 day moving average price of $12.60.

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

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.