Golden Ocean Group Limited (NASDAQ:GOGL) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Golden Ocean Group Limited (NASDAQ:GOGL) from a buy rating to a hold rating in a research report sent to investors on Tuesday, October 17th.

According to Zacks, “Golden Ocean Group Limited is a shipping company which engaged in the transportation of dry bulk cargoes. It operates primarily in the Capesize and Panamax market. Golden Ocean Group Limited, formerly known as Knightsbridge Shipping Limited, is based in HAMILTON, Bermuda. “

Several other research firms have also issued reports on GOGL. J P Morgan Chase & Co upgraded Golden Ocean Group Limited from a neutral rating to an overweight rating in a research report on Tuesday, July 4th. DNB Markets upgraded Golden Ocean Group Limited from a hold rating to a buy rating in a research report on Tuesday, July 4th. BidaskClub upgraded Golden Ocean Group Limited from a hold rating to a buy rating in a research report on Thursday, July 6th. Nordea Equity Research upgraded Golden Ocean Group Limited from a hold rating to a buy rating in a research report on Friday, August 18th. Finally, Clarkson Capital lowered Golden Ocean Group Limited from a buy rating to a neutral rating in a research report on Tuesday, October 17th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $11.00.

Golden Ocean Group Limited (NASDAQ GOGL) traded down 0.48% during trading on Tuesday, reaching $8.29. 53,781 shares of the company traded hands. The company’s market cap is $1.07 billion. Golden Ocean Group Limited has a 12 month low of $3.50 and a 12 month high of $9.95. The company’s 50-day moving average is $8.53 and its 200 day moving average is $7.52.

Golden Ocean Group Limited (NASDAQ:GOGL) last posted its quarterly earnings results on Thursday, August 17th. The shipping company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.03. Golden Ocean Group Limited had a negative return on equity of 3.91% and a negative net margin of 14.69%. The business had revenue of $99.86 million for the quarter, compared to analyst estimates of $65.36 million. On average, analysts anticipate that Golden Ocean Group Limited will post ($0.21) earnings per share for the current year.

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Several hedge funds have recently bought and sold shares of the company. Northern Trust Corp raised its stake in shares of Golden Ocean Group Limited by 3.3% in the second quarter. Northern Trust Corp now owns 29,988 shares of the shipping company’s stock worth $202,000 after purchasing an additional 970 shares during the last quarter. Ameriprise Financial Inc. increased its position in Golden Ocean Group Limited by 10.7% during the second quarter. Ameriprise Financial Inc. now owns 19,106 shares of the shipping company’s stock valued at $128,000 after acquiring an additional 1,840 shares during the last quarter. Edmond DE Rothschild Holding S.A. increased its position in Golden Ocean Group Limited by 9.6% during the second quarter. Edmond DE Rothschild Holding S.A. now owns 34,150 shares of the shipping company’s stock valued at $229,000 after acquiring an additional 3,000 shares during the last quarter. WealthTrust Axiom LLC increased its position in Golden Ocean Group Limited by 15.1% during the second quarter. WealthTrust Axiom LLC now owns 25,431 shares of the shipping company’s stock valued at $170,000 after acquiring an additional 3,330 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Golden Ocean Group Limited by 19.2% during the second quarter. Goldman Sachs Group Inc. now owns 82,159 shares of the shipping company’s stock valued at $552,000 after acquiring an additional 13,235 shares during the last quarter. Hedge funds and other institutional investors own 10.51% of the company’s stock.

About Golden Ocean Group Limited

Golden Ocean Group Limited, formerly Knightsbridge Shipping Limited, is an international dry bulk shipping company. The Company is engaged in the transportation of dry bulk cargoes. It owns and operates a fleet of dry bulk carrier vessels, focusing on the Capesize, Panamax and Supramax markets. Its vessels transport a range of major and minor bulk commodities, including ores, coal, grains and fertilizers.

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Analyst Recommendations for Golden Ocean Group Limited (NASDAQ:GOGL)

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