Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down to $15.77

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $15.77, but opened at $14.54. Golden Ocean Group shares last traded at $14.17, with a volume of 1,052,817 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have commented on GOGL. StockNews.com lowered shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a research note on Monday, May 13th. Jefferies Financial Group lowered shares of Golden Ocean Group from a “buy” rating to a “hold” rating and set a $15.50 price target on the stock. in a research note on Wednesday.

Golden Ocean Group Trading Down 10.2 %

The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 1.05. The firm has a market capitalization of $2.83 billion, a PE ratio of 25.21 and a beta of 1.32. The business’s 50-day moving average price is $13.61 and its 200-day moving average price is $11.32.

Golden Ocean Group (NASDAQ:GOGL) last announced its earnings results 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 for the quarter, compared to analyst estimates 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, analysts expect that Golden Ocean Group Limited will post 1.52 earnings per share for the current fiscal 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 dividend of $0.30 per share. The ex-dividend date was Tuesday, March 12th. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a dividend yield of 8.47%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 214.29%.

Institutional Investors Weigh In On Golden Ocean Group

Several hedge funds have recently modified their holdings of the stock. SummerHaven Investment Management LLC lifted its holdings in shares of Golden Ocean Group by 1.3% during the fourth quarter. SummerHaven Investment Management LLC now owns 93,662 shares of the shipping company’s stock worth $914,000 after purchasing an additional 1,192 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Golden Ocean Group by 3.3% during the third 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 during the period. Onyx Bridge Wealth Group LLC lifted its holdings in shares of Golden Ocean Group by 4.5% during the fourth quarter. Onyx Bridge Wealth Group LLC now owns 39,403 shares of the shipping company’s stock worth $385,000 after purchasing an additional 1,701 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Golden Ocean Group by 8.5% during the first quarter. ProShare Advisors LLC now owns 22,128 shares of the shipping company’s stock worth $287,000 after purchasing an additional 1,742 shares during the period. Finally, Swiss National Bank lifted its holdings in shares of Golden Ocean Group by 1.4% during the third quarter. Swiss National Bank now owns 288,459 shares of the shipping company’s stock worth $2,282,000 after purchasing an additional 3,939 shares during the period. 22.00% of the stock is owned by institutional investors and hedge funds.

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.