Golden Ocean Group (GOGL) Stock Moves -0.54%: What You Should Know

Golden Ocean Group (GOGL) closed at $12.97 in the latest trading session, marking a -0.54% move from the prior day. The stock exceeded the S&P 500, which registered a loss of 0.88% for the day. Meanwhile, the Dow experienced a rise of 0.56%, and the technology-dominated Nasdaq saw a decrease of 2.05%.

Prior to today's trading, shares of the shipping company had gained 1.24% over the past month. This has outpaced the Transportation sector's loss of 5.27% and the S&P 500's loss of 2.57% in that time.

The investment community will be closely monitoring the performance of Golden Ocean Group in its forthcoming earnings report. On that day, Golden Ocean Group is projected to report earnings of $0.23 per share, which would represent year-over-year growth of 1050%.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.52 per share and a revenue of $839.38 million, signifying shifts of +157.63% and +31.23%, respectively, from the last year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Golden Ocean Group. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Golden Ocean Group currently has a Zacks Rank of #1 (Strong Buy).

Looking at its valuation, Golden Ocean Group is holding a Forward P/E ratio of 8.58. Its industry sports an average Forward P/E of 7.57, so one might conclude that Golden Ocean Group is trading at a premium comparatively.

The Transportation - Shipping industry is part of the Transportation sector. This industry, currently bearing a Zacks Industry Rank of 62, finds itself in the top 25% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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