Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up to $12.84

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $12.84, but opened at $13.28. Golden Ocean Group shares last traded at $13.41, with a volume of 365,206 shares.

Wall Street Analyst Weigh In

Several research firms have issued reports on GOGL. StockNews.com upgraded Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. BTIG Research restated a “neutral” rating on shares of Golden Ocean Group in a research report on Friday, January 5th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $15.00 price target on shares of Golden Ocean Group in a research report on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $12.50.

Golden Ocean Group Trading Down 1.8 %

The company has a quick ratio of 1.05, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 23.23 and a beta of 1.39. The business has a 50 day moving average of $12.37 and a 200 day moving average of $10.06.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly 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. Golden Ocean Group had a return on equity of 5.91% and a net margin of 12.68%. The firm had revenue of $196.75 million for the quarter, compared to analyst estimates of $187.19 million. On average, research analysts forecast that Golden Ocean Group Limited will post 1.52 earnings per share for the current fiscal year.

Golden Ocean Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Wednesday, March 13th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 9.22%. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Tuesday, March 12th. Golden Ocean Group’s dividend payout ratio (DPR) is presently 214.29%.

Institutional Trading of Golden Ocean Group

A number of hedge funds have recently added to or reduced their stakes in GOGL. Quadrature Capital Ltd purchased a new stake in shares of Golden Ocean Group during the 4th quarter worth about $171,000. Vanguard Group Inc. grew its holdings in shares of Golden Ocean Group by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 1,388,233 shares of the shipping company’s stock worth $13,549,000 after purchasing an additional 52,985 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Golden Ocean Group by 17.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 814,353 shares of the shipping company’s stock worth $7,948,000 after purchasing an additional 119,147 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Golden Ocean Group by 9.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,286 shares of the shipping company’s stock worth $296,000 after purchasing an additional 2,648 shares during the period. Finally, GSA Capital Partners LLP grew its holdings in shares of Golden Ocean Group by 19.1% during the 4th quarter. GSA Capital Partners LLP now owns 157,545 shares of the shipping company’s stock worth $1,538,000 after purchasing an additional 25,265 shares during the period. 22.00% of the stock is owned by institutional investors and hedge funds.

Golden Ocean Group Company Profile

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.