Cleaves Securities analyst Joakim Hannisdahl upgraded Golden Ocean Group (GOGL) to Buy yesterday and set a price target of $5.80. The company’s shares closed last Monday at $4.56, close to its 52-week low of $4.33.
According to TipRanks.com, Hannisdahl is a 3-star analyst with an average return of 5.5% and a 48.4% success rate. Hannisdahl covers the Services sector, focusing on stocks such as Nordic American Tanker, Eagle Bulk Shipping, and Star Bulk Carriers.
Currently, the analyst consensus on Golden Ocean Group is a Strong Buy with an average price target of $6.50.
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Based on Golden Ocean Group’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $36.7 million. In comparison, last year the company had a net profit of $23.59 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.
