Golden Ocean Group (NASDAQ:GOGL) Raised to “Strong-Buy” at BidaskClub

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BidaskClub upgraded shares of Golden Ocean Group (NASDAQ:GOGL) from a buy rating to a strong-buy rating in a research report released on Thursday morning, BidAskClub reports.

GOGL has been the topic of several other reports. ValuEngine raised Golden Ocean Group from a sell rating to a hold rating in a report on Thursday, August 1st. Zacks Investment Research raised Golden Ocean Group from a sell rating to a hold rating in a report on Friday, June 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Golden Ocean Group presently has a consensus rating of Hold and a consensus price target of $8.63.

Shares of NASDAQ GOGL opened at $6.56 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.76 and a quick ratio of 0.76. The stock’s fifty day moving average price is $5.94 and its two-hundred day moving average price is $5.52. Golden Ocean Group has a one year low of $4.33 and a one year high of $10.05. The firm has a market cap of $930.06 million, a price-to-earnings ratio of 30.86 and a beta of 2.02.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings data on Thursday, August 15th. The shipping company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $115.78 million for the quarter. Golden Ocean Group had a return on equity of 2.10% and a net margin of 3.02%.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Friday, August 30th were issued a dividend of $0.10 per share. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.03. This represents a $0.40 annualized dividend and a dividend yield of 6.10%. The ex-dividend date was Thursday, August 29th. Golden Ocean Group’s dividend payout ratio is 66.67%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in GOGL. Sigma Planning Corp grew its holdings in shares of Golden Ocean Group by 12.9% during the 2nd quarter. Sigma Planning Corp now owns 15,637 shares of the shipping company’s stock worth $91,000 after purchasing an additional 1,788 shares in the last quarter. Parametric Portfolio Associates LLC bought a new stake in shares of Golden Ocean Group during the 2nd quarter worth $95,000. Marshall Wace North America L.P. lifted its position in shares of Golden Ocean Group by 151.0% during the 1st quarter. Marshall Wace North America L.P. now owns 59,464 shares of the shipping company’s stock worth $284,000 after buying an additional 35,774 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Golden Ocean Group during the 1st quarter worth $528,000. Finally, Swiss National Bank lifted its position in shares of Golden Ocean Group by 2.1% during the 2nd quarter. Swiss National Bank now owns 161,068 shares of the shipping company’s stock worth $931,000 after buying an additional 3,337 shares during the last quarter. 14.70% of the stock is currently 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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