Folketrygdfondet recently announced the acquisition of new stake in Golden Ocean Group Limited (NASDAQ:GOGL). The institutional investor has increased its shareholding in the Industrials company by 0.52% to 8.9 million shares with purchase of 45626.0 shares. This fresh investment now brings its stake to 4.46% valued currently at $64.54 million. In addition, Storebrand Asset Management AS raised its holdings by 19030.0 to 1.82 million shares. And Marshall Wace LLP has lifted its position by 43.39% or 0.5 million shares – to 1.65 million shares.
With over 4.99 million Golden Ocean Group Limited (GOGL) shares trading Tuesday and a closing price of $8.83 on the day, the dollar volume was approximately $44.03 million. The shares have shown a positive half year performance of 12.20% and its price on 11/21/23 gained nearly 12.77%. Currently, there are 200.49M common shares owned by the public and among those 119.05M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for GOGL have a consensus price objective of $10.25. The analysts have set the share’s price value over the next 12 months at a high of $13.89 and a low of $7.10. The average price target is 13.35% above its recent price level and a downside to the estimated low will see the stock lose -24.37% over that period. But an upside of 36.43% will see the stock hit the forecast high price target while median target price for the stock is $10.50.
Insiders at the company have transacted a total of 18 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 18 of these insider trades were purchases, accounting for 1,920,328 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Golden Ocean Group Limited are iShares Russell 2000 ETF, DNB Norge, and Fidelity Small Cap Index Fund. iShares Russell 2000 ETF owns 2.86 million shares of the company’s stock, all valued at over $20.75 million. The company sold 28733.0 shares recently to bring their total holdings to about 1.43% of the shares outstanding. Fidelity Small Cap Index Fund bought 35385.0 shares to bring its total holdings to over 1.14 million shares at a value of $8.26 million. Fidelity Small Cap Index Fund now owns shares totaling to 0.57% of the shares outstanding.
Shares of Golden Ocean Group Limited (NASDAQ: GOGL) opened at $8.31, up $0.48 from a prior closing price of $7.83. However, the script later moved the day high at 8.85, up 12.77%. The company’s stock has a 5-day price change of 14.97% and 22.81% over the past three months. GOGL shares are trading 1.61% year to date (YTD), with the 12-month market performance up to 4.87% higher. It has a 12-month low price of $6.89 and touched a high of $10.58 over the same period. GOGL has an average intraday trading volume of 1.39 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 17.49%, 14.83%, and 7.33% respectively.
Institutional ownership of Golden Ocean Group Limited (NASDAQ: GOGL) shares accounts for 22.53% of the company’s 200.49M shares outstanding. Mutual fund holders own 13.76%, while other institutional holders and individual stakeholders account for 8.73% and — respectively.
It has a market capitalization of $1.76B and a beta (3y monthly) value of 1.19. The stock’s trailing 12-month PE ratio is 14.38, while the earnings-per-share (ttm) stands at $0.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.07% over the week and 2.52% over the month.
Analysts forecast that Golden Ocean Group Limited (GOGL) will achieve an EPS of $0.06 for the current quarter, $0.21 for the next quarter and $0.92 for 2024. The lowest estimate earnings-per-share for the quarter is $0.02 while analysts give the company a high EPS estimate of $0.09. Comparatively, EPS for the current quarter was $0.35 a year ago. Earnings per share for the fiscal year are expected to decrease by -78.89%, and 123.15% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Golden Ocean Group Limited (GOGL) as a “Strong Buy” at a consensus score of 1.36. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 2 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GOGL, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on October 24, 2023, with the firm’s price target at $8-$11.
