Todays Report: The Pareto Securities Upgrades Golden Ocean Group Ltd. (GOGL) to “Buy”

The Pareto Securities Upgrades Golden Ocean Group Ltd. (GOGL) to “Buy”

Pareto Securities upgraded shares of Golden Ocean Group Ltd. (NASDAQ:GOGL) from a hold rating to a buy rating in a research note published on Monday, The Fly reports.

Other equities research analysts have also issued reports about the company. Jefferies Group restated a buy rating on shares of Golden Ocean Group in a research report on Monday, August 1st. Zacks Investment Research raised Golden Ocean Group from a hold rating to a buy rating and set a $4.00 target price on the stock in a report on Monday, August 29th. Finally, Clarkson Capital reissued a buy rating on shares of Golden Ocean Group in a report on Friday, June 17th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Golden Ocean Group has an average rating of Hold and a consensus price target of $4.50.

Shares of Golden Ocean Group (NASDAQ:GOGL) opened at 3.81 on Monday. Golden Ocean Group has a one year low of $2.55 and a one year high of $13.45. The stock’s market cap is $403.65 million. The company has a 50-day moving average price of $4.05 and a 200 day moving average price of $3.77.

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 the Thomson Reuters’ consensus estimate 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 research analysts expect that Golden Ocean Group will post ($1.31) earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GOGL. Phoenix Investment Adviser LLC purchased a new position in Golden Ocean Group during the second quarter valued at approximately $105,000. Paloma Partners Management Co purchased a new position in Golden Ocean Group during the second quarter valued at approximately $159,000. Emerald Acquisition Ltd. purchased a new position in Golden Ocean Group during the second quarter valued at approximately $714,000. 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 valued at $1,283,000 after buying an additional 637,607 shares during the last quarter. Finally, Canyon Capital Advisors LLC purchased a new position in Golden Ocean Group during the second quarter valued at approximately $2,251,000. Institutional investors own 29.11% of the company’s stock.

About Golden Ocean Group

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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