Golden Ocean Group (NASDAQ:GOGL) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Golden Ocean Group (NASDAQ:GOGL) from a hold rating to a buy rating in a research note published on Wednesday, June 26th, BidAskClub reports.

A number of other research firms have also recently weighed in on GOGL. Zacks Investment Research cut shares of Gold Resource from a hold rating to a sell rating in a research report on Friday, June 21st. ValuEngine upgraded shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a research report on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Golden Ocean Group currently has a consensus rating of Hold and an average target price of $10.08.

Shares of GOGL stock traded up $0.08 during trading hours on Wednesday, hitting $6.63. The company’s stock had a trading volume of 287,776 shares, compared to its average volume of 226,312. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a 50 day simple moving average of $5.46. Golden Ocean Group has a 12-month low of $4.33 and a 12-month high of $10.05. The stock has a market cap of $959.40 million, a PE ratio of 11.03 and a beta of 2.11.

Golden Ocean Group (NASDAQ:GOGL) last posted its earnings results on Wednesday, May 22nd. The shipping company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.08. The firm had revenue of $91.81 million during the quarter, compared to analysts’ expectations of $74.48 million. Golden Ocean Group had a net margin of 9.55% and a return on equity of 4.06%.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, June 6th were issued a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Wednesday, June 5th. Golden Ocean Group’s dividend payout ratio is currently 16.67%.

Hedge funds have recently made changes to their positions in the business. Marshall Wace North America L.P. raised its holdings in shares of Golden Ocean Group by 151.0% in the 1st quarter. Marshall Wace North America L.P. now owns 59,464 shares of the shipping company’s stock valued at $284,000 after purchasing an additional 35,774 shares in the last quarter. CarVal Investors LLC raised its stake in shares of Golden Ocean Group by 74.8% during the 1st quarter. CarVal Investors LLC now owns 700,000 shares of the shipping company’s stock worth $3,339,000 after acquiring an additional 299,550 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Golden Ocean Group during the 1st quarter worth approximately $528,000. Millennium Management LLC raised its stake in shares of Golden Ocean Group by 179.7% during the 4th quarter. Millennium Management LLC now owns 296,945 shares of the shipping company’s stock worth $1,829,000 after acquiring an additional 190,785 shares in the last quarter. Finally, Segall Bryant & Hamill LLC bought a new position in shares of Golden Ocean Group during the 4th quarter worth approximately $4,217,000. 16.98% of the stock is owned by institutional investors.

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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