Jefferies maintains a Buy rating on Golden Ocean Group Limited (NASDAQ: GOGL), and cut the price target to $5.00 (from $6.50), following 1Q15. GOGL reported an adjusted EPS loss of $(0.18), which was better than the $(0.24) Street consensus. Analyst Douglas Mavrinac said that net revenues were weaker than expected.

Mavrinac commented, "This morning, GOGL reported an adjusted 1Q15 EPS loss of $0.18 which was better than both Street consensus of an EPS loss of $0.24 and our estimate of an EPS loss of $0.25 primarily due to lower than expected vessel opex, depreciation expense and interest expense during the quarter. Net revenues earned during the quarter were weaker than expected."

Marvinac also added, "We are maintaining our 2015 and 2016 EPS estimates as our outlook for both the dry bulk shipping market and Golden Ocean remains unchanged. Our 2015 and 2016 EPS estimates remain based on average daily Capesize, Supramax, and Handysize spot charter rates of $6,875, $6,125, and $5,750 for 2015, and $6,875, $6,125, and $5,750 for 2016, all respectively."

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Shares of closed at $4.18 yesterday.