Jefferies slashes price target on Golden Ocean Group Limited [GOGL] – find out why.

Golden Ocean Group Limited [NASDAQ: GOGL] slipped around -0.31 points on Thursday, while shares priced at $8.48 at the close of the session, down -3.53%. The company report on October 4, 2022 that GOGL – Share buy-back program.


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The Board of Directors of Golden Ocean Group Limited (OSE/NASDAQ: GOGL) has on October 4, 2022, authorized a share buy-back program of maximum USD 100 million to purchase up to an aggregate of 10,000,000 of the Company’s common shares for a period up to 12 months, commencing October 4, 2022. The maximum amount to be paid per share is USD 10.0, or equivalent in NOK for shares acquired at Oslo Stock Exchange.

The share buy-backs will be carried out by way of repurchases in the market, both on the Oslo Stock Exchange and on NASDAQ. The Company will report buy-backs carried out continuously and in accordance with the disclosure requirements of the Oslo Stock Exchange.The Company is not obligated under the terms of the program to repurchase any of its common shares. The timing and amount of any repurchase will depend on alternative uses of capital, legal requirements, market conditions, stock price, and other factors, in the discretion of the Board.Ulrik Uhrenfeldt Andersen, Chief Executive Officer, comments:«The uncertainty in the global economy has impacted capital markets and near-term dry bulk freight sentiment. Following the recent share price development, we find it in our shareholders’ interest that the Company has the authorization to repurchase our common stock as part of its capital allocation strategy. Given the strength of our balance sheet and our constructive long-term market outlook, the Board has decided to add the opportunity to allocate part of our financial resources to pursue such share buyback. This plan reflects our confidence in the market and our strategy to invest for long-term shareholder return».

Golden Ocean Group Limited stock is now -8.82% down from its year-to-date (YTD) trading value. GOGL Stock saw the intraday high of $8.69 and lowest of $8.405 per share. The company’s 52-week high price is 16.46, which means current price is +17.13% above from all time high which was touched on 06/06/22.

Compared to the average trading volume of 3.10M shares, GOGL reached a trading volume of 2617620 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about 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 $12.90 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 Hold, with their previous recommendation back on September 26, 2022. While these analysts kept the previous recommendation, Jefferies raised their target price to Buy. The new note on the price target was released on July 21, 2022, representing the official price target for Golden Ocean Group Limited stock. Previously, the target price had yet another raise to $13, while H.C. Wainwright analysts kept a Neutral rating on GOGL stock.

The Average True Range (ATR) for Golden Ocean Group Limited is set at 0.35, with the Price to Sales ratio for GOGL stock in the period of the last 12 months amounting to 1.23. The Price to Book ratio for the last quarter was 0.88. Price to Free Cash Flow for GOGL in the course of the last twelve months was 15.19.

How has GOGL stock performed recently?

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 1.31. With this latest performance, GOGL shares gained by 9.00% in over the last four-week period, additionally sinking by -33.65% over the last 6 months – not to mention a drop of -4.50% 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 47.03, with the RSI for the last a single of trading hit 46.94, and the three-weeks RSI is set at 45.89 for Golden Ocean Group Limited [GOGL]. The present Moving Average for the last 50 days of trading for this stock 8.94, while it was recorded at 8.67 for the last single week of trading, and 11.20 for the last 200 days.

Golden Ocean Group Limited [GOGL]: Deeper insight into the 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 1.50.

Insider trade positions for Golden Ocean Group Limited [GOGL]

There are presently around $501 million, or 33.30% of GOGL stock, in the hands of institutional investors. The top three institutional holders of GOGL stocks are: FOLKETRYGDFONDET with ownership of 7,599,324, which is approximately 7444.026% of the company’s market cap and around 5.60% of the total institutional ownership; GOLDMAN SACHS GROUP INC, holding 6,991,568 shares of the stock with an approximate value of $59.29 million in GOGL stocks shares; and BLACKROCK INC., currently with $53.51 million in GOGL stock with ownership of nearly 59344.437% of the company’s market capitalization.

Positions in Golden Ocean Group Limited stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 106 institutional holders increased their position in Golden Ocean Group Limited [NASDAQ:GOGL] by around 34,472,669 shares. Additionally, 57 investors decreased positions by around 8,516,101 shares, while 19 investors held positions by with 16,043,796 shares. The mentioned changes placed institutional holdings at 59,032,566 shares, according to the latest SEC report filing. GOGL stock had 48 new institutional investments in for a total of 5,038,631 shares, while 26 institutional investors sold positions of 2,371,798 shares during the same period.

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