Golden Ocean Group (GOGL) Initiated with a Hold at H.C. Wainwright

By Jason Carr

Golden Ocean Group (GOGLResearch Report) received a Hold rating and a $13.00 price target from H.C. Wainwright analyst Magnus Fyhr today. The company’s shares closed last Friday at $11.36, close to its 52-week high of $12.17.

According to TipRanks.com, Fyhr ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -4.7% and a 35.5% success rate. Fyhr covers the Industrial Goods sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Performance Shipping.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Golden Ocean Group with a $16.00 average price target.

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Based on Golden Ocean Group’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $276 million and net profit of $104 million. In comparison, last year the company earned revenue of $116 million and had a GAAP net loss of $41.28 million.

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Golden Ocean Group Ltd. engages in the ownership and operation of dry bulk vessels. The company manages Newcastlemax, Capesize, Panamax, and Ultramax vessels and transports bulk commodities, including ores, coal, grains, and fertilizers. It also involves in the charter, purchase, and sale of vessels. The company was founded on September 18, 1996 and is headquartered in Hamilton, Bermuda.