Denali Advisors LLC Increases Stock Position in Golden Ocean Group Limited (NASDAQ:GOGL)

Denali Advisors LLC lifted its holdings in shares of Golden Ocean Group Limited (NASDAQ:GOGL) by 12.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 438,590 shares of the shipping company’s stock after buying an additional 48,032 shares during the quarter. Golden Ocean Group comprises 1.7% of Denali Advisors LLC’s investment portfolio, making the stock its 18th biggest position. Denali Advisors LLC owned about 0.22% of Golden Ocean Group worth $6,053,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its stake in Golden Ocean Group by 1,720.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after purchasing an additional 3,595 shares in the last quarter. Fifth Lane Capital LP purchased a new stake in Golden Ocean Group in the 1st quarter worth approximately $137,000. Lazard Asset Management LLC purchased a new stake in Golden Ocean Group in the 1st quarter worth approximately $149,000. Bayesian Capital Management LP purchased a new stake in Golden Ocean Group in the 1st quarter worth approximately $151,000. Finally, Quadrature Capital Ltd purchased a new stake in Golden Ocean Group in the 4th quarter worth approximately $171,000. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

Golden Ocean Group Price Performance

Shares of NASDAQ:GOGL opened at $11.95 on Tuesday. The company’s fifty day moving average price is $12.25 and its 200-day moving average price is $13.15. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of 12.85 and a beta of 1.16. Golden Ocean Group Limited has a one year low of $7.09 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00.

Golden Ocean Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Wednesday, September 11th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 10.04%. The ex-dividend date of this dividend is Wednesday, September 11th. Golden Ocean Group’s dividend payout ratio is currently 129.03%.

Analyst Ratings Changes

A number of brokerages have recently commented on GOGL. Jefferies Financial Group decreased their price target on shares of Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a report on Wednesday, August 28th. StockNews.com raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a report on Friday, August 30th.

Golden Ocean Group Profile

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.