Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down to $12.19

Golden Ocean Group Limited (NASDAQ:GOGLGet Rating) gapped down before the market opened on Monday . The stock had previously closed at $12.19, but opened at $11.70. Golden Ocean Group shares last traded at $11.33, with a volume of 145,662 shares changing hands.

Several research analysts have commented on GOGL shares. Zacks Investment Research raised Golden Ocean Group from a “hold” rating to a “strong-buy” rating and set a $14.00 price target on the stock in a research report on Friday, February 18th. StockNews.com upgraded shares of Golden Ocean Group from a “hold” rating to a “buy” rating in a report on Monday, March 28th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $12.63.

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.49 and a quick ratio of 1.31. The firm has a market cap of $1.63 billion, a P/E ratio of 4.25 and a beta of 1.37. The stock’s 50 day moving average is $11.72 and its two-hundred day moving average is $10.07.

Golden Ocean Group (NASDAQ:GOGLGet Rating) last issued its earnings results on Wednesday, February 16th. The shipping company reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.24. The business had revenue of $312.87 million during the quarter, compared to analysts’ expectations of $284.30 million. Golden Ocean Group had a return on equity of 28.15% and a net margin of 43.82%. During the same period in the prior year, the firm posted $0.18 EPS. As a group, research analysts forecast that Golden Ocean Group Limited will post 1.56 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 10th. Investors of record on Thursday, March 3rd were issued a dividend of $0.90 per share. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.85. This represents a $3.60 annualized dividend and a yield of 31.75%. The ex-dividend date of this dividend was Wednesday, March 2nd. Golden Ocean Group’s dividend payout ratio (DPR) is currently 136.36%.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Centiva Capital LP bought a new stake in Golden Ocean Group during the 3rd quarter worth approximately $380,000. Allianz Asset Management GmbH grew its holdings in shares of Golden Ocean Group by 154.0% during the third quarter. Allianz Asset Management GmbH now owns 274,464 shares of the shipping company’s stock worth $2,956,000 after purchasing an additional 166,387 shares during the last quarter. Invesco Ltd. increased its stake in shares of Golden Ocean Group by 1.8% in the third quarter. Invesco Ltd. now owns 225,810 shares of the shipping company’s stock valued at $2,432,000 after buying an additional 4,066 shares in the last quarter. Ahrens Investment Partners LLC bought a new position in shares of Golden Ocean Group in the fourth quarter valued at about $28,000. Finally, DekaBank Deutsche Girozentrale lifted its position in Golden Ocean Group by 74.3% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 5,829 shares of the shipping company’s stock worth $61,000 after buying an additional 2,484 shares in the last quarter. 35.31% of the stock is owned by institutional investors.

About Golden Ocean Group (NASDAQ:GOGL)

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels comprising Newcastlemax, Capesize, Panamax, and Ultramax vessels worldwide. It owns and operates dry bulk vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.

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