BTIG Research Increases Golden Ocean Group (NASDAQ:GOGL) Price Target to $12.00

Golden Ocean Group (NASDAQ:GOGL) had its price objective lifted by equities research analysts at BTIG Research from $8.00 to $12.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the shipping company’s stock. BTIG Research’s target price suggests a potential upside of 28.48% from the stock’s current price.

Shares of Golden Ocean Group stock opened at $9.34 on Monday. The company has a fifty day moving average price of $7.80 and a 200 day moving average price of $5.73. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.83. Golden Ocean Group has a twelve month low of $2.69 and a twelve month high of $9.68. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -10.99 and a beta of 1.83.

Golden Ocean Group (NASDAQ:GOGL) last issued its earnings results on Thursday, February 18th. The shipping company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). The company had revenue of $168.71 million during the quarter. Golden Ocean Group had a negative net margin of 17.84% and a positive return on equity of 0.26%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC grew its position in Golden Ocean Group by 2.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 65,379 shares of the shipping company’s stock worth $438,000 after purchasing an additional 1,763 shares during the last quarter. JustInvest LLC grew its position in Golden Ocean Group by 21.8% in the 4th quarter. JustInvest LLC now owns 17,828 shares of the shipping company’s stock worth $83,000 after purchasing an additional 3,194 shares during the last quarter. Citigroup Inc. grew its position in Golden Ocean Group by 101.5% in the 4th quarter. Citigroup Inc. now owns 20,438 shares of the shipping company’s stock worth $95,000 after purchasing an additional 10,296 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Golden Ocean Group by 5.0% in the fourth quarter. JPMorgan Chase & Co. now owns 218,992 shares of the shipping company’s stock valued at $1,014,000 after acquiring an additional 10,394 shares in the last quarter. Finally, Comerica Bank bought a new position in shares of Golden Ocean Group in the first quarter valued at approximately $90,000. Hedge funds and other institutional investors own 12.35% of the company’s stock.

Golden Ocean Group Company Profile

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels comprising Newcastlemax, Capesize, Panamax, and Ultramax vessels worldwide. It owns and operates dry bulk vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.

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