Zacks Investment Research upgraded shares of Golden Ocean Group Limited (NASDAQ:GOGL) from a strong sell rating to a hold rating in a report released on Wednesday.

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. “

Other equities analysts also recently issued reports about the company. DNB Markets raised Golden Ocean Group Limited from a hold rating to a buy rating in a research note on Thursday, April 6th. Seaport Global Securities assumed coverage on Golden Ocean Group Limited in a report on Tuesday, June 13th. They issued a buy rating and a $10.00 price target on the stock. BidaskClub upgraded Golden Ocean Group Limited from a hold rating to a buy rating in a report on Thursday, July 6th. J P Morgan Chase & Co upgraded Golden Ocean Group Limited from a neutral rating to an overweight rating in a report on Tuesday, July 4th. Finally, Morgan Stanley upgraded Golden Ocean Group Limited from an underweight rating to an overweight rating and upped their price target for the stock from $2.50 to $10.00 in a report on Tuesday, March 28th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $8.75.

Shares of Golden Ocean Group Limited (NASDAQ GOGL) opened at 6.88 on Wednesday. The firm’s market capitalization is $857.74 million. Golden Ocean Group Limited has a one year low of $3.22 and a one year high of $9.05. The firm has a 50-day moving average price of $6.54 and a 200 day moving average price of $6.62.

Golden Ocean Group Limited (NASDAQ:GOGL) last issued its earnings results on Wednesday, May 24th. The shipping company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by $0.03. The business had revenue of $83.82 million for the quarter, compared to analysts’ expectations of $58.80 million. Golden Ocean Group Limited had a negative return on equity of 5.71% and a negative net margin of 26.08%. Equities analysts forecast that Golden Ocean Group Limited will post ($0.36) earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Zacks Investment Research Upgrades Golden Ocean Group Limited (NASDAQ:GOGL) to Hold” was published by Watch List News and is the property of of Watch List News. If you are accessing this piece on another website, it was copied illegally and reposted in violation of U.S. and international trademark and copyright legislation. The original version of this piece can be viewed at https://www.watchlistnews.com/zacks-investment-research-upgrades-golden-ocean-group-limited-nasdaqgogl-to-hold/1462386.html.

A number of large investors have recently made changes to their positions in the stock. Citadel Advisors LLC bought a new stake in shares of Golden Ocean Group Limited during the first quarter worth approximately $308,000. Morgan Stanley boosted its stake in shares of Golden Ocean Group Limited by 1,410.3% in the first quarter. Morgan Stanley now owns 220,374 shares of the shipping company’s stock worth $1,686,000 after buying an additional 205,783 shares during the period. UBS Group AG boosted its stake in shares of Golden Ocean Group Limited by 258.3% in the first quarter. UBS Group AG now owns 365,366 shares of the shipping company’s stock worth $2,795,000 after buying an additional 263,384 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Golden Ocean Group Limited by 37.0% in the first quarter. Dimensional Fund Advisors LP now owns 189,825 shares of the shipping company’s stock worth $1,452,000 after buying an additional 51,269 shares during the period. Finally, CarVal Investors LLC bought a new stake in shares of Golden Ocean Group Limited during the first quarter worth approximately $4,075,000. Hedge funds and other institutional investors own 12.38% of the company’s stock.

Golden Ocean Group Limited 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.

Get a free copy of the Zacks research report on Golden Ocean Group Limited (GOGL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Golden Ocean Group Limited (NASDAQ:GOGL)

Receive News & Ratings for Golden Ocean Group Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Golden Ocean Group Limited and related companies with Analyst Ratings Network's FREE daily email newsletter.