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

Golden Ocean Group Limited (NASDAQ:GOGL) shares 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 trading hands.

A number of research analysts recently issued reports on the stock. Pareto Securities reissued a “buy” rating and set a $11.50 price target on shares of Golden Ocean Group in a research report on Wednesday, June 23rd. HC Wainwright reissued a “neutral” rating and set a $13.00 price target 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. Finally, Kepler Capital Markets reissued a “buy” rating on shares of Golden Ocean Group in a research report on Wednesday, June 23rd. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $12.17.

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

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

The firm also recently announced a quarterly dividend, which was paid on Monday, September 20th. Investors of record on Friday, September 10th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 18.99%. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Thursday, September 9th.

A number of hedge funds and other institutional investors have recently made changes to their positions in GOGL. State of Wisconsin Investment Board boosted its position in shares of Golden Ocean Group by 19.4% in the second quarter. State of Wisconsin Investment Board now owns 27,944 shares of the shipping company’s stock worth $309,000 after purchasing an additional 4,541 shares during the period. Cubist Systematic Strategies LLC boosted its position in shares of Golden Ocean Group by 8.9% in the second quarter. Cubist Systematic Strategies LLC now owns 58,517 shares of the shipping company’s stock worth $646,000 after purchasing an additional 4,762 shares during the period. Credit Suisse AG boosted its position in shares of Golden Ocean Group by 2.5% in the first quarter. Credit Suisse AG now owns 348,459 shares of the shipping company’s stock worth $2,336,000 after purchasing an additional 8,480 shares during the period. Comerica Bank bought a new position in shares of Golden Ocean Group in the first quarter worth approximately $90,000. Finally, Aigen Investment Management LP bought a new position in shares of Golden Ocean Group in the second quarter worth approximately $121,000. Institutional investors own 36.04% of the company’s stock.

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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