Golden Ocean Group Limited [GOGL] moved up 2.48: Why It’s Important


Golden Ocean Group Limited [NASDAQ: GOGL] stock went on an upward path that rose over 2.48% on Thursday, amounting to a one-week price increase of more than 10.17%. The company report on July 8, 2022 that GOGL – Agreement to construct three Kamsarmax vessels and sale of two Ultramax vessels.

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Golden Ocean Group Limited (Nasdaq and OSE: GOGL) (“Golden Ocean” or the “Company”), one of the world’s largest listed dry bulk shipowners, today announces that it has entered into agreements for the construction of three high-specification 85,000 dwt ECO-type dual-fuel Kamsarmax vessels, which will be equipped with the latest and most efficient propulsion system. Additionally, the Company announces the sale of two Ultramax vessels, Golden Cecilie and Golden Cathrine.

Over the last 12 months, GOGL stock rose by 15.05%. The one-year Golden Ocean Group Limited stock forecast points to a potential upside of 24.59. The average equity rating for GOGL stock is currently 1.50, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $2.12 billion, with 200.44 million shares outstanding and 121.77 million shares in the current float. Compared to the average trading volume of 4.43M shares, GOGL stock reached a trading volume of 2348020 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Golden Ocean Group Limited [GOGL]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GOGL shares is $14.80 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GOGL stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Jefferies have made an estimate for Golden Ocean Group Limited shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 21, 2022. While these analysts kept the previous recommendation, H.C. Wainwright raised their target price to Neutral. The new note on the price target was released on September 13, 2021, representing the official price target for Golden Ocean Group Limited stock.

The Average True Range (ATR) for Golden Ocean Group Limited is set at 0.51, with the Price to Sales ratio for GOGL stock in the period of the last 12 months amounting to 1.62. The Price to Book ratio for the last quarter was 1.19. Price to Free Cash Flow for GOGL in the course of the last twelve months was 18.29.

GOGL Stock Performance Analysis:

Golden Ocean Group Limited [GOGL] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 10.17. With this latest performance, GOGL shares dropped by -13.02% in over the last four-week period, additionally plugging by 24.83% over the last 6 months – not to mention a rise of 15.05% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GOGL stock in for the last two-week period is set at 46.36, with the RSI for the last a single of trading hit 53.69, and the three-weeks RSI is set at 44.63 for Golden Ocean Group Limited [GOGL]. The present Moving Average for the last 50 days of trading for this stock 12.98, while it was recorded at 10.92 for the last single week of trading, and 11.05 for the last 200 days.

Insight into Golden Ocean Group Limited Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Golden Ocean Group Limited [GOGL] shares currently have an operating margin of +42.39 and a Gross Margin at +43.90. Golden Ocean Group Limited’s Net Margin is presently recorded at +43.82.

Return on Equity for this stock inclined to 31.98, with Return on Assets sitting at 17.08.

Golden Ocean Group Limited’s liquidity data is similarly interesting compelling, with a Current Ratio set at 1.20.

Golden Ocean Group Limited [GOGL] Insider Position Details

There are presently around $360 million, or 25.90% of GOGL stock, in the hands of institutional investors. The top three institutional holders of GOGL stocks are: GOLDMAN SACHS GROUP INC with ownership of 8,465,084, which is approximately 14.566% of the company’s market cap and around 5.60% of the total institutional ownership; RENAISSANCE TECHNOLOGIES LLC, holding 3,658,689 shares of the stock with an approximate value of $39.84 million in GOGL stocks shares; and FMR LLC, currently with $35.03 million in GOGL stock with ownership of nearly -43.037% of the company’s market capitalization.

Positions in Golden Ocean Group Limited stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 95 institutional holders increased their position in Golden Ocean Group Limited [NASDAQ:GOGL] by around 10,403,042 shares. Additionally, 42 investors decreased positions by around 18,440,384 shares, while 12 investors held positions by with 4,176,011 shares. The mentioned changes placed institutional holdings at 33,019,437 shares, according to the latest SEC report filing. GOGL stock had 50 new institutional investments in for a total of 3,784,153 shares, while 17 institutional investors sold positions of 1,236,158 shares during the same period.