Golden Ocean Group’s (GOGL) “Hold” Rating Reiterated at Pareto Securities

Golden Ocean Group (NASDAQ:GOGL)‘s stock had its “hold” rating restated by equities research analysts at Pareto Securities in a report issued on Thursday,Benzinga reports. They currently have a $12.50 price objective on the shipping company’s stock. Pareto Securities’ price objective would indicate a potential upside of 11.71% from the stock’s current price.

Several other equities analysts have also recently weighed in on the stock. StockNews.com downgraded shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th. Jefferies Financial Group decreased their price objective on shares of Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a research note on Wednesday, August 28th.

Golden Ocean Group Price Performance

Shares of NASDAQ:GOGL traded down $0.64 during midday trading on Thursday, reaching $11.19. The company’s stock had a trading volume of 1,731,889 shares, compared to its average volume of 1,575,273. Golden Ocean Group has a fifty-two week low of $8.42 and a fifty-two week high of $15.77. The business’s fifty day simple moving average is $11.87 and its 200-day simple moving average is $12.71. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00. The company has a market capitalization of $2.24 billion, a P/E ratio of 10.46 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.04. The business had revenue of $197.35 million for the quarter, compared to analysts’ expectations of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. As a group, equities research analysts expect that Golden Ocean Group will post 1.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GOGL. Vanguard Group Inc. grew its holdings in shares of Golden Ocean Group by 273.9% during the first quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock valued at $67,274,000 after buying an additional 3,802,652 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in Golden Ocean Group by 6.9% in the 3rd quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company’s stock worth $36,817,000 after buying an additional 177,100 shares during the period. Bridgeway Capital Management LLC raised its holdings in Golden Ocean Group by 15.7% during the first quarter. Bridgeway Capital Management LLC now owns 1,557,322 shares of the shipping company’s stock valued at $20,183,000 after acquiring an additional 211,629 shares during the period. Marshall Wace LLP boosted its stake in Golden Ocean Group by 96.9% in the 2nd quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock worth $21,491,000 after purchasing an additional 766,436 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Golden Ocean Group by 1,372.9% during the second quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock valued at $17,392,000 after purchasing an additional 1,174,716 shares in the last quarter. 22.00% of the stock is currently owned by institutional investors.

About Golden Ocean Group

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels worldwide. The company’s dry bulk vessels comprise Newcastlemax, Capesize, and Panamax vessels operating in the spot and time charter markets. It also transports a range of bulk commodities, including ores, coal, grains, and fertilizers.