Golden Ocean Group Ltd (NASDAQ:GOGL) – Equities researchers at Seaport Global Securities increased their Q3 2018 earnings estimates for Golden Ocean Group in a research report issued to clients and investors on Friday, August 17th. Seaport Global Securities analyst M. Fyhr now expects that the shipping company will post earnings per share of $0.17 for the quarter, up from their previous estimate of $0.10. Seaport Global Securities currently has a “Buy” rating and a $13.00 target price on the stock. Seaport Global Securities also issued estimates for Golden Ocean Group’s Q4 2018 earnings at $0.25 EPS, Q1 2019 earnings at $0.30 EPS, Q2 2019 earnings at $0.31 EPS, Q3 2019 earnings at $0.35 EPS and Q4 2019 earnings at $0.34 EPS.
Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, May 30th. The shipping company reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.09. The company had revenue of $149.94 million during the quarter, compared to analysts’ expectations of $92.61 million. Golden Ocean Group had a net margin of 6.10% and a return on equity of 2.24%.
Several other research firms have also recently weighed in on GOGL. BidaskClub upgraded shares of Golden Ocean Group from a “strong sell” rating to a “sell” rating in a report on Saturday, June 16th. ValuEngine cut shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Zacks Investment Research cut shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a report on Wednesday, April 25th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Golden Ocean Group from $11.50 to $11.00 and set an “overweight” rating for the company in a report on Thursday, May 31st. Three analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Golden Ocean Group presently has a consensus rating of “Hold” and a consensus target price of $10.88.
Golden Ocean Group stock opened at $9.16 on Monday. The company has a market capitalization of $1.27 billion, a PE ratio of -458.00 and a beta of 2.08. Golden Ocean Group has a twelve month low of $7.00 and a twelve month high of $9.95. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.76.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Investors of record on Thursday, September 6th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 4.37%. The ex-dividend date is Wednesday, September 5th. Golden Ocean Group’s payout ratio is -2,000.00%.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. California Public Employees Retirement System boosted its holdings in Golden Ocean Group by 7.9% during the second quarter. California Public Employees Retirement System now owns 90,351 shares of the shipping company’s stock worth $785,000 after purchasing an additional 6,631 shares during the last quarter. Platinum Investment Management Ltd. acquired a new position in Golden Ocean Group during the second quarter worth $140,400,000. Marshall Wace LLP boosted its holdings in Golden Ocean Group by 45.2% during the second quarter. Marshall Wace LLP now owns 1,548,032 shares of the shipping company’s stock worth $13,329,000 after purchasing an additional 482,130 shares during the last quarter. Macquarie Group Ltd. acquired a new position in Golden Ocean Group during the second quarter worth $184,000. Finally, Bank of America Corp DE boosted its holdings in Golden Ocean Group by 37.2% during the second quarter. Bank of America Corp DE now owns 531,063 shares of the shipping company’s stock worth $4,614,000 after purchasing an additional 143,878 shares during the last quarter. Institutional investors and hedge funds own 25.15% of the company’s stock.
About Golden Ocean Group
Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. It owns and operates a fleet of dry bulk vessels, including Newcastlemax, Capesize, Panamax, and Ultramax vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.
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