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Golden Ocean Group Limited (NASDAQ: GOGL) Stock: Investors Need To Know This

The trading price of Golden Ocean Group Limited (NASDAQ:GOGL) floating lower at last check on Wednesday, May 24, closing at $7.71, -2.02% lower than its previous close.

Traders who pay close attention to intraday price movement should know that it has been fluctuating between $7.795 and $8.07. The company’s P/E ratio in the trailing 12-month period was 3.42, while its 5Y monthly beta was 1.28. In examining the 52-week price action we see that the stock hit a 52-week high of $16.46 and a 52-week low of $7.24. Over the past month, the stock has lost -13.84% in value.

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Golden Ocean Group Limited, whose market valuation is $1.62 billion at the time of this writing, is expected to release its quarterly earnings report Aug 23, 2023 – Aug 28, 2023. The dividend yield on the company stock is 5.08%, while its Forward Dividend ratio is 0.40. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $0.13 per share this quarter, however they have predicted annual earnings per share of $0.86 for 2023 and $1.16 for 2024. It means analysts are expecting annual earnings per share growth of -55.20% this year and 34.90% next year.

Analysts have forecast the company to bring in revenue of $199.54 million for the current quarter, with the likely lows of $144.42 million and highs of $241 million. The average estimate suggests sales will likely down by -20.20% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2023 is $753.89 million. The company’s revenue is forecast to drop by -9.70% over what it did in 2023.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Golden Ocean Group Limited No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest GOGL has a 100% Sell on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Sell, while an average of long term indicators suggests that the stock is currently 50% Sell.

Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned GOGL a recommendation rating is 10. Out of them, 3 rate it a Hold, while 7 recommend Buy, whereas 0 assign an Overweight rating. 0 analyst(s) have tagged Golden Ocean Group Limited (GOGL) as Underweight, while 0 advise Sell. Analysts have rated the stock Overweight, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.

A quick review shows that GOGL’s price is currently -9.99% off the SMA20 and -14.55% off the SMA50. The RSI metric on the 14-day chart is currently showing 26.13, and weekly volatility stands at 2.45%. When measured over the past 30 days, the indicator reaches 2.87%. Golden Ocean Group Limited (NASDAQ:GOGL)’s beta value is currently sitting at 1.29, while the Average True Range indicator is currently displaying 0.27. With analysts defining $7.80-$16.43 as the low and high price targets, we arrive at a consensus price target of $12.39 for the trailing 12-month period. The current price is about -1.17% off the estimated low and -113.1% off the forecast high, based on this estimate. Investors will be thrilled if GOGL’s share price rises to $13.11, which is the median consensus price. At that level, GOGL’s share price would be -70.04% below current price.

To see how Golden Ocean Group Limited stock has been performing today in comparison to its peers in the industry, here are the numbers: GOGL stock’s performance was -2.02% at last check in today’s session, and -50.89% in the past year, while Frontline plc (FRO) has been trading -1.78% in recent session and positioned 56.72% higher than it was a year ago. Another comparable company Golar LNG Limited (GLNG) saw its stock trading -0.63% lower in today’s session but was down -11.19% in a year. Furthermore, Star Bulk Carriers Corp. (SBLK) showed a decrease of -1.26% today while its price kept declining at -46.49% over the past year. Golden Ocean Group Limited has a P/E ratio of 3.42, compared to Frontline plc’s 6.67 and Golar LNG Limited’s 2.74. Also during today’s trading, the S&P 500 Index has plunged -0.76%, while the Dow Jones Industrial also saw a negative session, down -0.61% today.

An evaluation of the daily trading volume of Golden Ocean Group Limited (NASDAQ:GOGL) indicates that the 3-month average is 1.55 million. However, this figure has increased over the past 10 days to an average of 1.53 million.

Currently, records show that 200.42 million of the company’s shares remain outstanding. The insiders hold 5.60% of outstanding shares, whereas institutions hold 31.50%. The stats also highlight that short interest as of Apr 27, 2023, stood at 4.92 million shares, resulting in a short ratio of 3.84 at that time. From this, we can conclude that short interest is 2.46% of the company’s total outstanding shares. It is noteworthy that short shares in April were down slightly from the previous month’s figure, which was 5.93 million. However, since the stock’s price has seen -11.27% year-to-date, investors’ interest is likely to be reignited due to its potential to move even lower.

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