Shares of Golden Ocean Group Ltd. (NASDAQ:GOGL) rose 3.8% during trading on Friday . The company traded as high as $4.16 and last traded at $4.12, with a volume of 126,775 shares. The stock had previously closed at $3.97.
GOGL has been the subject of a number of research analyst reports. Zacks Investment Research downgraded Golden Ocean Group from a “hold” rating to a “sell” rating in a report on Friday, May 27th. Clarkson Capital reaffirmed a “buy” rating on shares of Golden Ocean Group in a research report on Friday, June 17th. Finally, Jefferies Group reaffirmed a “buy” rating on shares of Golden Ocean Group in a research report on Monday, August 1st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $4.50.
The firm’s market capitalization is $436.49 million. The firm has a 50 day moving average price of $3.71 and a 200 day moving average price of $3.66.
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Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, August 24th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.04. Golden Ocean Group had a negative net margin of 97.58% and a negative return on equity of 10.86%. Equities analysts anticipate that Golden Ocean Group Ltd. will post ($1.31) earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canyon Capital Advisors LLC acquired a new position in Golden Ocean Group during the second quarter worth $2,251,000. Paloma Partners Management Co acquired a new position in Golden Ocean Group during the second quarter worth $159,000. Gruss & Co. Inc. increased its position in Golden Ocean Group by 49.2% in the second quarter. Gruss & Co. Inc. now owns 1,932,258 shares of the company’s stock worth $1,283,000 after buying an additional 637,607 shares in the last quarter. Phoenix Investment Adviser LLC acquired a new position in Golden Ocean Group during the second quarter worth $105,000. Finally, Emerald Acquisition Ltd. acquired a new position in Golden Ocean Group during the second quarter worth $714,000. Institutional investors and hedge funds own 29.11% of the company’s stock.
Golden Ocean Group Company Profile
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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