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What Is Going On With Golden Ocean Group Limited (NASDAQ: GOGL)?

Golden Ocean Group Limited (NASDAQ:GOGL) traded at $8.90 at last check on Tuesday, 01/24/23, made a downward move of -1.87% on its previous day’s price.

Looking at the stock we see that its previous close was $9.07 and the beta (5Y monthly) reads 1.32 with the day’s price range being $9.07 – $9.24. The company has a trailing 12-month PE ratio of 3.06. In terms of its 52-week price range, GOGL has a high of $16.46 and a low of $7.24. The company’s stock has lost about -3.20% over that past 30 days.

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Golden Ocean Group Limited has a market cap of $1.78 billion and is expected to release its quarterly earnings report on Feb 28, 2023. With its Forward Dividend at 1.40 and a yield of 15.44%, the company’s investors could be anxious for the GOGL stock to gain ahead of the earnings release. Estimates by analysts give the company expected earnings per share (EPS) of $3, with the EPS growth for the year raised at $19.76 for 2022 and $11.32 for next year. These figures represent -13.40% and -42.70% growth in EPS for the two years respectively.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $1.68 billion, with a low of $1.47 billion and a high of $1.89 billion. The median projection represents growth adding up to -38.50% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2022 is expected to hit $8.08 billion, or -2.80% down from figures reported last year.

There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the GOGL stock, short term indicators assign the stock an average of 25% Buy, while medium term indicators assign it an average of Hold. Long term indicators on average place the stock in the category of 50% Sell.

Looking further, we note the current price level is 0.28% off its SMA20 and 1.32% from its 50-day simple moving average. The RSI (14) is pointing at 49.72 while the volatility over the past week is 2.77% and jumps to 2.93% over the past one month. The beta value is 1.32, while the average true range (ATR) is currently pointing at 0.31.

Let’s briefly compare Golden Ocean Group Limited (GOGL) stock to its peers. We find that today’s price change of -1.87% and 9.67% over the past 12 months for GOGL competes that of Frontline Ltd. (FRO), which has seen its stock price fall -3.91% in the latest trading session and is 110.77% over the last one year. Another of its peers Golar LNG Limited (GLNG) has dropped -2.64% today, and was 83.50% up over the past year, while Star Bulk Carriers Corp. (SBLK) is also up 0.70% yet, while its price remains in the green at 6.82% over the same period. Golden Ocean Group Limited has a P/E ratio of 3.06 compared to Frontline Ltd.’s 11.70 and Golar LNG Limited’s 3.14. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial are today at -1.45% and -1.08%, respectively, in early deals.

Coming back to Golden Ocean Group Limited (NASDAQ:GOGL), we note that the average 3-month trading volume was 2.26 million, while that of the preceding 10-day period stands at 1.57 million. Current shares outstanding are 200.89 million.

The insiders hold 5.60% of the company’s shares while institutions hold 31.50%. The data shows that short shares as of Dec 29, 2022, stood at 6.94 million at a short ratio of 3.34. This represents a 3.46% short interest in shares outstanding on Dec 29, 2022. Shares short rose in December from the previous month at 5.73 million. Investors should be excited about this stock as its upside potential is great, with today’s price pushing the stock 4.37% up in year-to-date price movement.

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