Todays Report: The Golden Ocean Group Ltd. (GOGL) Lowered to Hold at Zacks Investment Research

The Golden Ocean Group Ltd. (GOGL) Lowered to Hold at Zacks Investment Research

Golden Ocean Group Ltd. (NASDAQ:GOGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

According to Zacks, “Golden Ocean Group Limited is a shipping company which engaged in the transportation of dry bulk cargoes. It operates primarily in the Capesize and Panamax market. Golden Ocean Group Limited, formerly known as Knightsbridge Shipping Limited, is based in HAMILTON, Bermuda. “

A number of other research firms have also weighed in on GOGL. Jefferies Group reiterated a “buy” rating on shares of Golden Ocean Group in a research note on Monday, August 1st. Clarkson Capital reissued a “buy” rating on shares of Golden Ocean Group in a report on Friday, June 17th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Golden Ocean Group has an average rating of “Hold” and an average price target of $4.50.

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Golden Ocean Group (NASDAQ:GOGL) traded down 4.61% during midday trading on Friday, reaching $4.14. 27,543 shares of the company’s stock traded hands. Golden Ocean Group has a 52-week low of $2.55 and a 52-week high of $14.00. The company’s 50-day moving average price is $4.00 and its 200-day moving average price is $3.75. The stock’s market cap is $438.61 million.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Wednesday, August 24th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates 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%. On average, equities analysts predict that Golden Ocean Group will post ($1.31) EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Phoenix Investment Adviser LLC bought a new position in Golden Ocean Group during the second quarter valued at $105,000. Paloma Partners Management Co acquired a new stake in shares of Golden Ocean Group during the second quarter valued at about $159,000. Emerald Acquisition Ltd. acquired a new stake in shares of Golden Ocean Group during the second quarter valued at about $714,000. Gruss & Co. Inc. raised its stake in shares of 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 period. Finally, Canyon Capital Advisors LLC acquired a new stake in shares of Golden Ocean Group during the second quarter valued at about $2,251,000. 29.11% of the stock is owned by hedge funds and other institutional investors.

Golden Ocean Group Company Profile

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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