Golden Ocean Group Limited (NASDAQ:GOGL) Short Interest Up 11.8% in August

Golden Ocean Group Limited (NASDAQ:GOGLGet Rating) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 9,820,000 shares, an increase of 11.8% from the August 15th total of 8,780,000 shares. Approximately 8.1% of the company’s stock are sold short. Based on an average daily volume of 3,750,000 shares, the short-interest ratio is currently 2.6 days.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group initiated coverage on Golden Ocean Group in a report on Wednesday, July 20th. They set a “buy” rating and a $14.00 target price for the company.

Institutional Investors Weigh In On Golden Ocean Group

Several hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC acquired a new stake in Golden Ocean Group in the 2nd quarter valued at about $173,000. Redhawk Wealth Advisors Inc. lifted its stake in Golden Ocean Group by 48.7% in the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 73,307 shares of the shipping company’s stock valued at $853,000 after purchasing an additional 23,995 shares during the last quarter. Legal & General Group Plc acquired a new stake in Golden Ocean Group in the 2nd quarter valued at about $27,000. Walleye Capital LLC acquired a new stake in Golden Ocean Group in the 2nd quarter valued at about $275,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Golden Ocean Group in the 2nd quarter valued at about $136,000. 38.66% of the stock is currently owned by institutional investors and hedge funds.

Golden Ocean Group Price Performance

Shares of NASDAQ GOGL opened at $9.13 on Wednesday. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 2.68 and a beta of 1.28. The business has a 50-day moving average of $10.31 and a 200-day moving average of $11.97. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.54 and a quick ratio of 1.33. Golden Ocean Group has a fifty-two week low of $7.59 and a fifty-two week high of $16.46.

Golden Ocean Group (NASDAQ:GOGLGet Rating) last announced its quarterly earnings data on Wednesday, August 24th. The shipping company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.20. Golden Ocean Group had a return on equity of 34.56% and a net margin of 50.93%. During the same period in the previous year, the business posted $0.52 earnings per share. As a group, sell-side analysts predict that Golden Ocean Group will post 2.2 earnings per share for the current fiscal year.

Golden Ocean Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 14th. Investors of record on Wednesday, September 7th were paid a $0.60 dividend. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.50. This represents a $2.40 annualized dividend and a yield of 26.29%. The ex-dividend date of this dividend was Tuesday, September 6th. Golden Ocean Group’s dividend payout ratio (DPR) is 70.38%.

Golden Ocean Group Company Profile

(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.

Further Reading

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