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

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Golden Ocean Group (GOGL - Free Report) closed at $8.48 in the latest trading session, marking a +0.59% move from the prior day. The stock outpaced the S&P 500's daily loss of 2.8%. At the same time, the Dow lost 2.11%, and the tech-heavy Nasdaq lost 0.1%.

Heading into today, shares of the shipping company had lost 3.66% over the past month, outpacing the Transportation sector's loss of 9.12% and the S&P 500's loss of 4.08% in that time.

Wall Street will be looking for positivity from Golden Ocean Group as it approaches its next earnings report date. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales 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.

Any recent changes to analyst estimates for Golden Ocean Group should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. The Zacks Consensus EPS estimate has moved 9.55% lower within the past month. Golden Ocean Group currently has a Zacks Rank of #3 (Hold).

Looking at its valuation, Golden Ocean Group is holding a Forward P/E ratio of 4.24. For comparison, its industry has an average Forward P/E of 3.14, 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 81, which puts it in the top 33% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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