Golden Ocean (Buy, TP: NOK95.00) - Dividends are back
We have made only minor estimate revisions following the Q1 results, and remain positive on the near-term outlook for dry bulk. As Golden Ocean reinstated dividends of USD0.25/share, we believe investors are set to benefit, given the bullish forward curve over the coming quarters. Moreover, as the newly acquired fleet enters service, exposure towards the Capesize segment looks attractive and the company is adding some fixed charter backlog when opportunity arises. We reiterate our BUY and have lifted our target price to NOK95 (88).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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