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Golden Ocean Group (GOGL) Gains As Market Dips: What You Should Know
In the latest trading session, Golden Ocean Group (GOGL - Free Report) closed at $7.47, marking a +1.36% move from the previous day. This change outpaced the S&P 500's 1.51% loss on the day. At the same time, the Dow lost 1.71%, and the tech-heavy Nasdaq lost 0.02%.
Coming into today, shares of the shipping company had lost 25.03% in the past month. In that same time, the Transportation sector lost 13.7%, while the S&P 500 lost 9.52%.
Investors will be hoping for strength from Golden Ocean Group as it approaches its next earnings release. Our most recent consensus estimate is calling for quarterly revenue of $172.3 million, down 55.55% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.99 per share and revenue of $794.3 million, which would represent changes of -26.02% and -29.97%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Golden Ocean Group. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 9.55% lower. Golden Ocean Group is currently a Zacks Rank #3 (Hold).
In terms of valuation, Golden Ocean Group is currently trading at a Forward P/E ratio of 3.7. This valuation marks a premium compared to its industry's average Forward P/E of 2.86.
The Transportation - Shipping industry is part of the Transportation sector. This group has a Zacks Industry Rank of 46, putting it in the top 19% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.