Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down – Time to Sell?

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price gapped down prior to trading on Friday . The stock had previously closed at $8.08, but opened at $7.05. Golden Ocean Group shares last traded at $6.73, with a volume of 1,605,323 shares traded.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group restated a “hold” rating and set a $10.00 target price on shares of Golden Ocean Group in a research report on Wednesday, February 26th.

Golden Ocean Group Price Performance

The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 5.36 and a beta of 1.10. The stock’s 50-day simple moving average is $8.76 and its two-hundred day simple moving average is $9.96.

Golden Ocean Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 11th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.60 annualized dividend and a dividend yield of 9.26%. Golden Ocean Group’s dividend payout ratio (DPR) is presently 53.57%.

Institutional Investors Weigh In On Golden Ocean Group

Several institutional investors have recently bought and sold shares of the company. New York State Common Retirement Fund lifted its position in shares of Golden Ocean Group by 16.5% in the fourth quarter. New York State Common Retirement Fund now owns 222,238 shares of the shipping company’s stock valued at $1,991,000 after acquiring an additional 31,500 shares in the last quarter. Empowered Funds LLC raised its stake in Golden Ocean Group by 3.6% in the 4th quarter. Empowered Funds LLC now owns 963,005 shares of the shipping company’s stock valued at $8,629,000 after purchasing an additional 33,241 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Golden Ocean Group by 2,893.9% in the 4th quarter. Victory Capital Management Inc. now owns 414,121 shares of the shipping company’s stock valued at $3,711,000 after purchasing an additional 400,289 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Golden Ocean Group by 31.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 444,453 shares of the shipping company’s stock worth $5,947,000 after purchasing an additional 106,966 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Golden Ocean Group in the fourth quarter valued at about $46,000. 22.00% of the stock is currently owned by institutional investors and hedge funds.

Golden Ocean Group Company 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.