Golden Ocean Group (GOGL) Downgraded to Strong Sell at ValuEngine

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ValuEngine downgraded shares of Golden Ocean Group (NASDAQ:GOGL) from a sell rating to a strong sell rating in a research report released on Thursday.

A number of other equities research analysts have also issued reports on the stock. BidaskClub lowered shares of Golden Ocean Group from a sell rating to a strong sell rating in a research note on Tuesday, August 14th. JPMorgan Chase & Co. cut their target price on shares of Golden Ocean Group from $11.50 to $11.00 and set an overweight rating on the stock in a research note on Thursday, May 31st. Finally, Seaport Global Securities restated a buy rating and issued a $13.00 target price on shares of Golden Ocean Group in a research note on Friday, August 17th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $11.17.

Shares of GOGL stock opened at $9.01 on Thursday. Golden Ocean Group has a 12 month low of $7.00 and a 12 month high of $9.94. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -450.50 and a beta of 2.25.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings data on Friday, August 17th. The shipping company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.04. Golden Ocean Group had a net margin of 9.34% and a return on equity of 3.68%. The firm had revenue of $140.89 million for the quarter, compared to analyst estimates of $98.87 million. sell-side analysts forecast that Golden Ocean Group will post 0.49 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 6th. Stockholders of record on Thursday, September 6th were paid a $0.10 dividend. The ex-dividend date was Wednesday, September 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.44%. Golden Ocean Group’s dividend payout ratio (DPR) is presently -2,000.00%.

Several institutional investors have recently modified their holdings of the company. Swiss National Bank raised its stake in shares of Golden Ocean Group by 4.4% in the 1st quarter. Swiss National Bank now owns 146,381 shares of the shipping company’s stock valued at $1,165,000 after purchasing an additional 6,121 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Golden Ocean Group by 7.9% in the 2nd quarter. California Public Employees Retirement System now owns 90,351 shares of the shipping company’s stock valued at $785,000 after purchasing an additional 6,631 shares in the last quarter. Navellier & Associates Inc raised its stake in shares of Golden Ocean Group by 18.3% in the 1st quarter. Navellier & Associates Inc now owns 80,963 shares of the shipping company’s stock valued at $644,000 after purchasing an additional 12,549 shares in the last quarter. Stevens Capital Management LP acquired a new stake in shares of Golden Ocean Group in the 1st quarter valued at about $112,000. Finally, Barclays PLC raised its stake in shares of Golden Ocean Group by 50.6% in the 1st quarter. Barclays PLC now owns 59,910 shares of the shipping company’s stock valued at $477,000 after purchasing an additional 20,135 shares in the last quarter. Institutional investors and hedge funds own 23.82% 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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