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Golden Ocean Group (GOGL) Ascends While Market Falls: Some Facts to Note

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In the latest market close, Golden Ocean Group (GOGL - Free Report) reached $13.03, with a +0.15% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 1.2%. At the same time, the Dow lost 0.65%, and the tech-heavy Nasdaq lost 1.79%.

Prior to today's trading, shares of the shipping company had gained 1.64% over the past month. This has lagged the Transportation sector's gain of 4.62% and outpaced the S&P 500's loss of 0.85% in that time.

Investors will be eagerly watching for the performance of Golden Ocean Group in its upcoming earnings disclosure. In that report, analysts expect Golden Ocean Group to post earnings of $0.23 per share. This would mark year-over-year growth of 1050%.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.52 per share and revenue of $839.38 million, indicating changes of +157.63% and +31.23%, respectively, compared to the previous year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Golden Ocean Group. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Golden Ocean Group is holding a Zacks Rank of #1 (Strong Buy) right now.

In terms of valuation, Golden Ocean Group is currently trading at a Forward P/E ratio of 8.56. This expresses a premium compared to the average Forward P/E of 7.7 of its industry.

The Transportation - Shipping industry is part of the Transportation sector. With its current Zacks Industry Rank of 53, this industry ranks in the top 22% of all industries, numbering over 250.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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