Jefferies has cut its estimates for Golden Ocean Group shares after the bulker owner registered a lower third-quarter profit that missed analyst consensus.
The US investment bank cut estimate of fourth-quarter earnings by roughly 29% to $0.15 per share, as it also knocked 4.1% from its 2023 earnings-per-share forecast.
“Freight rates remain soft and will likely lead to lower earnings in [the fourth quarter] while normal seasonal factors are likely to weigh on [first quarter] results,” analyst Omar Nokta wrote in a note on Wednesday.
