Golden Ocean Group (NASDAQ:GOGL) Sets New 12-Month Low – Should You Sell?

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) hit a new 52-week low during trading on Thursday . The company traded as low as $8.38 and last traded at $8.41, with a volume of 21716490 shares traded. The stock had previously closed at $10.06.

Analysts Set New Price Targets

GOGL has been the subject of a number of analyst reports. Pareto Securities reiterated a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a research note on Thursday, November 21st. Jefferies Financial Group reissued a “hold” rating and issued a $10.00 target price on shares of Golden Ocean Group in a research note on Wednesday, February 26th.

Golden Ocean Group Price Performance

The firm has a market cap of $1.68 billion, a P/E ratio of 6.95 and a beta of 1.16. The business has a fifty day moving average of $9.21 and a 200 day moving average of $10.56. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65.

Golden Ocean Group Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 7.13%. The ex-dividend date is Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio is 53.57%.

Institutional Trading of Golden Ocean Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Encompass Capital Advisors LLC lifted its position in Golden Ocean Group by 1,402.3% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company’s stock worth $17,072,000 after acquiring an additional 1,778,571 shares during the last quarter. Mirabella Financial Services LLP boosted its position in shares of Golden Ocean Group by 114.2% in the fourth quarter. Mirabella Financial Services LLP now owns 1,499,244 shares of the shipping company’s stock valued at $13,222,000 after acquiring an additional 799,244 shares during the period. Bank of New York Mellon Corp boosted its holdings in Golden Ocean Group by 229.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,139,248 shares of the shipping company’s stock valued at $10,208,000 after purchasing an additional 793,470 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Golden Ocean Group by 196.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 961,367 shares of the shipping company’s stock worth $8,614,000 after purchasing an additional 637,103 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Golden Ocean Group by 2,893.9% during the fourth quarter. Victory Capital Management Inc. now owns 414,121 shares of the shipping company’s stock worth $3,711,000 after purchasing an additional 400,289 shares during the period. Institutional investors own 22.00% of the company’s stock.

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.