Shares of dry bulk vessels operator Golden Ocean Group (NASDAQ:GOGL) surged nearly 3% in the early session today after the company announced the appointment of Lars-Christian Svensen as its permanent CEO.
Mr. Svensen has acted as Golden Ocean’s interim CEO since June 2023, taking over the company’s reigns from Ulrik Andersen. Amid volatile dry bulk shipping rates and rising geopolitical tensions, Golden Ocean shares have surged nearly 33% over the past six months.
Following this rally, the stock is trading at a price-to-sales multiple of 1.66 and a price-to-earnings ratio of 15.9. The company is slated to announce its fourth-quarter results on February 29. Analysts expect Golden Ocean to generate an EPS of $0.24 on revenue of $182 million for the quarter. In the comparable year-ago period, its EPS of $0.34 had comfortably cruised past expectations by $0.12.
Is Golden Ocean a Good Buy?
Meanwhile, BTIG’s Gregory Lewis has maintained a Buy rating on the stock alongside a $10 price target. Overall, the Street has a Moderate Buy consensus rating on Golden Ocean Group, and the average GOGL price target of $10 implies the stock may be fairly priced at current levels.
Read full Disclosure
