GOGL Stock Recent News

The consensus price target hints at a 25.2% upside potential for Golden Ocean Group (GOGL). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.

GOGL has benefited from its low cost break-even rates and recovering TCE rates for Capesize vessels, as the demand for iron ore grows in China. With the Baltic Dry Index already bottoming by early 2023 and recovering beyond pre-pandemic levels, the dry bulk industry's prospects may be brighter ahead. GOGL is still expected to generate positive profit margins through FY2025, naturally sustaining its robust shareholder returns through share repurchases and variable dividend payouts.

Golden Ocean Group (GOGL) came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of $0.04 per share. This compares to earnings of $0.52 per share a year ago.

Golden Ocean is a global dry bulk shipping company that has recently experienced a downturn in its financials due to macroeconomic pressures. The company can sustain dividend payments as a result of the gradual rebound in the industry demand, which makes the annual dividend $0.40, representing a dividend yield of 5.20%. Despite the risk of fluctuating charter rates, the stock is undervalued and has the potential for 29.29% growth, with a decent dividend yield.

Golden Ocean Group (GOGL) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.81 per share a year ago.

GOGL's future contracted TCE rates continue to impress, demonstrating its market leadership thanks to the fuel-efficient/ younger fleets with an average age of 6.5 years. While FQ2'23 may remain impacted, due to the increased dry docking and elevated interest rate environment, we remain confident about its execution in the intermediate term. Its balance sheet appears healthy too, despite the strategic fleet renewals and sustained dividend payout.

Golden Ocean Group's (GOGL) share price has dropped 43% since being upgraded to a Buy a year ago, but the company's financial performance and business prospects remain strong. GOGL's fleet is modern with an average age of 6.7 years, and the company has a net long-term debt of $985.9 million on a fleet valued at $2,693 million. Despite risks to the demand for steel in China, the supply and demand dynamics for the dry bulk market look promising for the next 24 months, supporting a continued Buy stance for GOGL.

Golden Ocean Group may still have long-term growth potential despite the slower-than-expected impact of China's reopening on the dry bulk carrier industry. The company's financials remain strong, and a recent UBS survey shows CFOs in China are optimistic about business conditions and capital expenditure in H2 2023. GOGL's focus on fleet renewal and commitment to dividends make it a favorable investment for long-term investors, with the potential for a 57% increase in share price over the next 2 years.

The most oversold stocks in the industrials sector presents an opportunity to buy into undervalued companies.

Golden Ocean Group (GOGL) came out with quarterly earnings of $0.02 per share, beating the Zacks Consensus Estimate of a loss of $0.02 per share. This compares to earnings of $0.53 per share a year ago.