Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down to $10.56

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) gapped down before the market opened on Monday . The stock had previously closed at $10.56, but opened at $10.14. Golden Ocean Group shares last traded at $10.30, with a volume of 19,629 shares changing hands.

Several brokerages recently commented on GOGL. HC Wainwright reaffirmed a “neutral” rating and issued a $13.00 price objective on shares of Golden Ocean Group in a research report on Monday, September 13th. TheStreet raised shares of Golden Ocean Group from a “c” rating to a “b-” rating in a research report on Thursday, August 26th. Kepler Capital Markets reaffirmed a “buy” rating on shares of Golden Ocean Group in a research report on Wednesday, June 23rd. Finally, Pareto Securities reaffirmed a “buy” rating and issued a $11.50 price objective on shares of Golden Ocean Group in a research report on Wednesday, June 23rd. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $12.17.

The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $1.51 billion, a PE ratio of 9.51 and a beta of 1.78. The business’s 50-day simple moving average is $10.48 and its 200-day simple moving average is $9.55.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings results on Wednesday, August 25th. The shipping company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. Golden Ocean Group had a net margin of 24.43% and a return on equity of 12.34%. The company had revenue of $275.70 million during the quarter.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 20th. Stockholders of record on Friday, September 10th were paid a dividend of $0.50 per share. This is a boost from Golden Ocean Group’s previous quarterly dividend of $0.05. The ex-dividend date was Thursday, September 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 18.99%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Comerica Bank acquired a new stake in Golden Ocean Group in the 1st quarter valued at $90,000. Russell Investments Group Ltd. grew its stake in Golden Ocean Group by 12.4% in the 1st quarter. Russell Investments Group Ltd. now owns 3,942,610 shares of the shipping company’s stock valued at $27,340,000 after acquiring an additional 433,769 shares during the period. Acadian Asset Management LLC grew its stake in Golden Ocean Group by 303.5% in the 1st quarter. Acadian Asset Management LLC now owns 107,105 shares of the shipping company’s stock valued at $744,000 after acquiring an additional 80,559 shares during the period. Jupiter Asset Management Ltd. grew its stake in Golden Ocean Group by 97.0% in the 1st quarter. Jupiter Asset Management Ltd. now owns 573,518 shares of the shipping company’s stock valued at $3,977,000 after acquiring an additional 282,424 shares during the period. Finally, UBS Group AG grew its stake in Golden Ocean Group by 540.4% in the 1st quarter. UBS Group AG now owns 96,853 shares of the shipping company’s stock valued at $649,000 after acquiring an additional 81,730 shares during the period. 36.04% of the stock is currently owned by institutional investors and hedge funds.

About Golden Ocean Group (NASDAQ:GOGL)

Golden Ocean Group Ltd. engages in the ownership and operation of dry bulk vessels. The firm manages Newcastlemax, Capesize, Panamax, and Ultramax vessels and transports bulk commodities, including ores, coal, grains, and fertilizers. It also involves in the charter, purchase, and sale of vessels. The company was founded on September 18, 1996 and is headquartered in Hamilton, Bermuda.

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