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Golden Ocean Gp Up 4.28% To $7.23 After Earnings Beat

Tuesday, August 29, 2023 10:01 AM | InvestorsObserver Analysts

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Golden Ocean Gp Up 4.28% To $7.23 After Earnings Beat

Golden Ocean Gp (GOGL) said before open Tuesday that it earned $0.17 per share in quarter two 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $213.4 million, beating estimates by $64.4 million.

In the same quarter a year ago, the company earned $0.81 per share on revenue of $316.7 million.

The stock is up 4.28% to $7.23 after the report.

Golden Ocean Gp's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Golden Ocean Gp has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 12, putting Golden Ocean Gp in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $6.89 on August 28, 2023 and set a 52-week high on March 1, 2023 at $10.58.

Golden Ocean Group Ltd is a Bermuda-based dry bulk shipping company. Its business involves the transportation of dry bulk cargo including ores, coal, grains and fertilizers through its fleet of owned and chartered vessels, bareboat vessels, commercial management vessels and new buildings are chartered-out on fixed rate time charters and index-linked time charter contracts.

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