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Can Golden Ocean Group (GOGL) Run Higher on Strong Earnings Estimate Revisions?

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Golden Ocean Group Limited (GOGL - Free Report) is a dry bulk cargoes transporter that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on GOGL’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Golden Ocean Group could be a solid choice for investors.

Current Quarter Estimates for GOGL

In the past 30 days, no estimates have gone higher or lower for Golden Ocean Group. However the trend has been pretty favorable too, with estimates narrowing from a loss of 34 cents a share 30 days ago, to a loss of 13 cents today, a move of 21 %.

Current Year Estimates for GOGL

Meanwhile, Golden Ocean Group’s current year figures are also looking quite promising, with one estimate moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, narrowing from a loss of 98 cents per share 30 days ago to a loss of 63 cents per share today, an increase of 35%.

Bottom Line

The stock has also started to move higher lately, adding 16.6% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

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