Golden Ocean Group (NASDAQ:GOGL) Stock Crosses Above 200 Day Moving Average of $10.20

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $10.20 and traded as high as $13.20. Golden Ocean Group shares last traded at $13.04, with a volume of 962,106 shares traded.

Analysts Set New Price Targets

GOGL has been the subject of several analyst reports. Jefferies Financial Group reissued a “buy” rating and issued a $15.00 target price on shares of Golden Ocean Group in a research note on Wednesday, February 28th. BTIG Research reiterated a “neutral” rating on shares of Golden Ocean Group in a report on Friday, January 5th. Finally, StockNews.com upgraded Golden Ocean Group from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Golden Ocean Group currently has an average rating of “Hold” and a consensus price target of $12.50.

Golden Ocean Group Stock Performance

The stock has a market cap of $2.60 billion, a PE ratio of 23.29 and a beta of 1.39. The stock has a fifty day simple moving average of $12.55 and a two-hundred day simple moving average of $10.20. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.05 and a current ratio of 1.23.

Golden Ocean Group (NASDAQ:GOGL) last released its earnings results on Wednesday, February 28th. The shipping company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.25 by $0.07. The company had revenue of $196.75 million during the quarter, compared to analysts’ expectations of $187.19 million. Golden Ocean Group had a return on equity of 5.91% and a net margin of 12.68%. Equities analysts anticipate that Golden Ocean Group Limited will post 1.52 EPS for the current fiscal year.

Golden Ocean Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Wednesday, March 13th were paid a dividend of $0.30 per share. This is a boost from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a dividend yield of 9.20%. The ex-dividend date was Tuesday, March 12th. Golden Ocean Group’s dividend payout ratio is 214.29%.

Institutional Investors Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently made changes to their positions in the company. SummerHaven Investment Management LLC increased its position in Golden Ocean Group by 1.3% in the fourth quarter. SummerHaven Investment Management LLC now owns 93,662 shares of the shipping company’s stock worth $914,000 after buying an additional 1,192 shares during the period. State of Wyoming boosted its stake in Golden Ocean Group by 52.8% during the fourth quarter. State of Wyoming now owns 3,517 shares of the shipping company’s stock valued at $31,000 after buying an additional 1,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Golden Ocean Group by 7.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,729 shares of the shipping company’s stock valued at $178,000 after buying an additional 1,355 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in 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 valued at $345,000 after buying an additional 1,395 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Golden Ocean Group by 10.9% during the second quarter. ProShare Advisors LLC now owns 16,018 shares of the shipping company’s stock valued at $121,000 after buying an additional 1,568 shares in the last quarter. 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.