Is Golden Ocean Group (GOGL) Stock Outpacing Its Transportation Peers This Year?
For those looking to find strong Transportation stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Golden Ocean Group (GOGL) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Golden Ocean Group is one of 138 companies in the Transportation group. The Transportation group currently sits at #4 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Golden Ocean Group is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for GOGL's full-year earnings has moved 23.1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, GOGL has gained about 94.2% so far this year. Meanwhile, the Transportation sector has returned an average of 10.8% on a year-to-date basis. This means that Golden Ocean Group is outperforming the sector as a whole this year.
One other Transportation stock that has outperformed the sector so far this year is USA Truck (USAK). The stock is up 119.3% year-to-date.
The consensus estimate for USA Truck's current year EPS has increased 3.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Golden Ocean Group belongs to the Transportation - Shipping industry, a group that includes 44 individual stocks and currently sits at #92 in the Zacks Industry Rank. This group has gained an average of 59.1% so far this year, so GOGL is performing better in this area.
In contrast, USA Truck falls under the Transportation - Truck industry. Currently, this industry has 12 stocks and is ranked #27. Since the beginning of the year, the industry has moved +64.3%.
Golden Ocean Group and USA Truck could continue their solid performance, so investors interested in Transportation stocks should continue to pay close attention to these stocks.
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