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Golden Ocean Group (GOGL) Gains As Market Dips: What You Should Know

Zacks Equity Research
·2-min read

Golden Ocean Group (GOGL) closed the most recent trading day at $9.91, moving +1.12% from the previous trading session. This change outpaced the S&P 500's 0.06% loss on the day. Meanwhile, the Dow gained 0.59%, and the Nasdaq, a tech-heavy index, lost 0.3%.

Heading into today, shares of the shipping company had gained 3.16% over the past month, lagging the Transportation sector's gain of 4.02% and the S&P 500's gain of 5.76% in that time.

Investors will be hoping for strength from Golden Ocean Group as it approaches its next earnings release. The company is expected to report EPS of $0.75, up 316.67% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $284.3 million, up 68.51% from the year-ago period.

Any recent changes to analyst estimates for Golden Ocean Group should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

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Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Golden Ocean Group is holding a Zacks Rank of #3 (Hold) right now.

Valuation is also important, so investors should note that Golden Ocean Group has a Forward P/E ratio of 6.62 right now. For comparison, its industry has an average Forward P/E of 3.77, which means Golden Ocean Group is trading at a premium to the group.

The Transportation - Shipping industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 91, which puts it in the top 36% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


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Zacks Investment Research