Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down to $14.79

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) gapped down prior to trading on Monday . The stock had previously closed at $14.79, but opened at $14.05. Golden Ocean Group shares last traded at $14.29, with a volume of 1,083,235 shares changing hands.

Wall Street Analyst Weigh In

GOGL has been the subject of several recent research reports. StockNews.com upgraded Golden Ocean Group from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Jefferies Financial Group reiterated a “buy” rating and issued a $15.00 target price on shares of Golden Ocean Group in a research note on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $12.50.

Golden Ocean Group Stock Performance

The firm has a market cap of $2.88 billion, a PE ratio of 26.41 and a beta of 1.32. The company has a 50-day simple moving average of $13.13 and a two-hundred day simple moving average of $10.69. The company has a quick ratio of 1.05, a current ratio of 1.23 and a debt-to-equity ratio of 0.69.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings data on Wednesday, February 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.07. The business had revenue of $196.75 million during the quarter, compared to the consensus estimate of $187.19 million. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. As a group, equities research analysts forecast that Golden Ocean Group Limited will post 1.52 earnings per share for the current year.

Golden Ocean Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.32%. The ex-dividend date was Tuesday, March 12th. This is a boost from Golden Ocean Group’s previous quarterly dividend of $0.10. Golden Ocean Group’s payout ratio is 214.29%.

Hedge Funds Weigh In On Golden Ocean Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. SummerHaven Investment Management LLC lifted its stake in shares of Golden Ocean Group by 1.3% during the 4th quarter. SummerHaven Investment Management LLC now owns 93,662 shares of the shipping company’s stock valued at $914,000 after buying an additional 1,192 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Golden Ocean Group by 3.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 43,840 shares of the shipping company’s stock worth $345,000 after purchasing an additional 1,395 shares in the last quarter. Onyx Bridge Wealth Group LLC grew its holdings in Golden Ocean Group by 4.5% during the 4th quarter. Onyx Bridge Wealth Group LLC now owns 39,403 shares of the shipping company’s stock valued at $385,000 after buying an additional 1,701 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Golden Ocean Group by 1.4% in the third quarter. Swiss National Bank now owns 288,459 shares of the shipping company’s stock worth $2,282,000 after buying an additional 3,939 shares in the last quarter. Finally, VisionPoint Advisory Group LLC bought a new position in shares of Golden Ocean Group in the fourth quarter valued at approximately $41,000. 22.00% of the stock is owned by institutional investors.

About Golden Ocean Group

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels worldwide. The company's dry bulk vessels comprise Newcastlemax, Capesize, and Panamax vessels operating in the spot and time charter markets. It also transports a range of bulk commodities, including ores, coal, grains, and fertilizers.