Golden Ocean Group Limited (GOGL): Not All Is OK

The stock of Golden Ocean Group Limited (NASDAQ:GOGL) has been Downgraded to Equal-Weight from Overweight by Morgan Stanley in its latest research note that was published on February 12. Nordea analysts bumped their recommendation on GOGL stock from Hold to Buy in a separate flash note to investors on August 18

Golden’s stock is covered by 11 analysts, with 5 of them rating the stock as Buy. It has been deemed to have strong buy by 4 of the analysts, 1 of them have rated it as a Hold while none of them rated it as sell. The situation was different a month ago when the stock was rated as a Buy by only 5 analysts. 5 of them rated it as strong buy with 1 of them recommended investors to Hold on to the stock. Meanwhile, 1 analyst(s) rated it as a sell. The above data shows that GOGL has an average analyst rating of 1.82.

Golden Ocean Group Limited, which has current market capitalization of above $831 Million, published its last quarter earnings on March 31, 2019. The company was able to amass $91.81 million in revenue. This figure is $6.37 million more than what analysts had expected which was $85.44 million.

GOGL surged by $0.46 during the normal trading session on Tuesday and reaching a high of $5.82 during the day while it closed the day at $5.71. The Golden stock had a low trading volume of 0.26 million shares on that day, which is low compared to the average daily volume of 234.96M shares. GOGL has also gained 4.20% of its value over the past 7 days. However, the stock has surged by 9.39% in the 3 months of the year. Over the past six months meanwhile, it has gained 6.93% while it has lost 7.31% year-on date. Let us now take a look at the stock’s potential support and resistance levels. The publicly traded company was seen to have slipped by -17.47% from its 3 months high price. However, taking another look at GOGL will indicate that it is trading +31.87% away from its 90-day low. Looking at the bigger picture, the Golden Ocean Group Limited stock has dropped by -43.18% from its 52-week high while it has surged by +31.87% from its 52-week low price.

Golden has around 153 Billion cash on their books at the moment. This figure will have to be compared and looked into, with their current liabilities standing at $857 Billion. The Golden stock is bringing in revenue of over 12 months, which is roughly 92 Billion. Despite all that, Golden Ocean Group Limited is seeing things declining very much as their y-o-y quarterly revenue dropped by -3.83%.

Looking at the stock’s Technical analysis information over the past 50 days shows that its Raw Stochastic average stood at 50.44%. This figure is better than the company’s 20-day Raw Stochastic average which currently stands at 30.08%. Over the past 20 days, Golden’s Stochastic %K stood at 17.93% while its Stochastic %D was revealed to be 14.59%.