Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down After 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 trading hands.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GOGL. Vanguard Group Inc. grew its stake in Golden Ocean Group by 273.9% in the first quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock valued at $67,274,000 after purchasing an additional 3,802,652 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Golden Ocean Group by 1,372.9% in the second quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock valued at $17,392,000 after purchasing an additional 1,174,716 shares in the last quarter. Marshall Wace LLP grew its stake in Golden Ocean Group by 96.9% in the second quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock valued at $21,491,000 after purchasing an additional 766,436 shares in the last quarter. Mirabella Financial Services LLP bought a new position in Golden Ocean Group in the third quarter valued at approximately $9,360,000. Finally, Hsbc Holdings PLC grew its stake in 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 purchasing an additional 417,539 shares in the last quarter. 22.00% of the stock is currently owned by institutional investors.

Golden Ocean Group Price Performance

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 company has a 50 day moving average price of $11.82 and a 200 day moving average price of $12.60. The company has a market capitalization of $1.97 billion, a P/E ratio of 9.22 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last issued its earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.28 by $0.04. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. The company had revenue of $197.35 million during the quarter, compared to the consensus estimate of $187.74 million. On average, equities analysts predict 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.