Golden Ocean Group (GOGL) Gets a Buy Rating from Cleaves Securities

Cleaves Securities analyst Joakim Hannisdahl maintained a Buy rating on Golden Ocean Group (GOGLResearch Report) on January 14 and set a price target of $9.20. The company’s shares closed last Friday at $5.23, close to its 52-week high of $5.47.

According to TipRanks.com, Hannisdahl is a 4-star analyst with an average return of 7.6% and a 63.6% success rate. Hannisdahl covers the Industrial Goods sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Eagle Bulk Shipping.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Golden Ocean Group with a $9.20 average price target.

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Based on Golden Ocean Group’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $186 million and net profit of $39.06 million. In comparison, last year the company earned revenue of $219 million and had a net profit of $36.7 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.