Clarksons Platou Securities thinks shares in bulker owner Golden Ocean Group are now fairly valued, leading it to downgrade its rating of the stock to “neutral”.

The investment bank had previously designated Golden Ocean’s Oslo and Nasdaq-listed shares as a “buy”, but still expects a strong performance from the shipowner in the months ahead.

“The stock price of Golden Ocean has more than doubled in the year to date, including dividends received, and we believe valuation is now fair, so we change our rating to Neutral from Buy, with an unchanged target price of $15, or about NOK 150 per share,” Clarksons analyst Frode Morkedal and his team said in a research note on Thursday.