Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up to $9.20

Golden Ocean Group Limited (NASDAQ:GOGLGet Rating) gapped up before the market opened on Tuesday . The stock had previously closed at $9.20, but opened at $9.47. Golden Ocean Group shares last traded at $9.26, with a volume of 48,484 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GOGL. Jefferies Financial Group began coverage on shares of Golden Ocean Group in a report on Wednesday, July 20th. They set a “buy” rating and a $14.00 price target for the company. HC Wainwright lowered their price objective on shares of Golden Ocean Group from $18.00 to $13.00 and set a “neutral” rating for the company in a research report on Friday, May 20th.

Golden Ocean Group Price Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.33 and a current ratio of 1.54. The stock has a market cap of $1.35 billion, a PE ratio of 2.75 and a beta of 1.28. The stock’s 50-day moving average is $10.42 and its two-hundred day moving average is $12.06.

Golden Ocean Group (NASDAQ:GOGLGet Rating) last posted its quarterly earnings data on Wednesday, August 24th. The shipping company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.20. Golden Ocean Group had a net margin of 50.93% and a return on equity of 34.56%. During the same quarter in the previous year, the company posted $0.52 earnings per share. On average, equities analysts predict that Golden Ocean Group Limited will post 2.2 earnings per share for the current year.

Golden Ocean Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 14th. Shareholders of record on Wednesday, September 7th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 25.56%. The ex-dividend date was Tuesday, September 6th. This is a boost from Golden Ocean Group’s previous quarterly dividend of $0.50. Golden Ocean Group’s dividend payout ratio (DPR) is currently 70.38%.

Hedge Funds Weigh In On Golden Ocean Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its position in Golden Ocean Group by 14.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,465,084 shares of the shipping company’s stock valued at $104,798,000 after buying an additional 1,076,285 shares during the period. Folketrygdfondet boosted its position in Golden Ocean Group by 7,444.0% in the 2nd quarter. Folketrygdfondet now owns 7,599,324 shares of the shipping company’s stock valued at $88,457,000 after buying an additional 7,498,591 shares during the period. Renaissance Technologies LLC boosted its position in Golden Ocean Group by 285.4% in the 1st quarter. Renaissance Technologies LLC now owns 3,658,689 shares of the shipping company’s stock valued at $45,295,000 after buying an additional 2,709,400 shares during the period. State Street Corp purchased a new position in Golden Ocean Group in the 2nd quarter valued at approximately $19,387,000. Finally, Northern Trust Corp boosted its position in Golden Ocean Group by 1,282.6% in the 2nd quarter. Northern Trust Corp now owns 886,382 shares of the shipping company’s stock valued at $10,317,000 after buying an additional 822,272 shares during the period. Hedge funds and other institutional investors own 38.66% of the company’s stock.

About Golden Ocean Group

(Get Rating)

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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