Golden Ocean Group (NASDAQ:GOGL) Sets New 52-Week High at $14.49

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $14.49 and last traded at $14.42, with a volume of 165023 shares. The stock had previously closed at $14.13.

Analyst Ratings Changes

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

Golden Ocean Group Stock Performance

The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.05 and a current ratio of 1.23. The firm has a market cap of $2.91 billion, a P/E ratio of 25.82 and a beta of 1.32. The firm’s fifty day moving average price is $13.01 and its 200 day moving average price is $10.58.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly 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. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. The business had revenue of $196.75 million during the quarter, compared to analyst estimates of $187.19 million. Sell-side analysts expect that Golden Ocean Group Limited will post 1.52 EPS for the current fiscal year.

Golden Ocean Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Wednesday, March 13th were given a $0.30 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.22%. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.10. Golden Ocean Group’s payout ratio is presently 214.29%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. VisionPoint Advisory Group LLC purchased a new stake in Golden Ocean Group during the 4th quarter worth approximately $41,000. Blue Trust Inc. purchased a new stake in Golden Ocean Group during the 4th quarter worth approximately $53,000. Vanguard Personalized Indexing Management LLC grew its position in Golden Ocean Group by 39.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 16,405 shares of the shipping company’s stock worth $129,000 after purchasing an additional 4,678 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Golden Ocean Group by 64.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,626 shares of the shipping company’s stock worth $139,000 after purchasing an additional 6,884 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Golden Ocean Group by 39.3% during the 3rd quarter. Principal Financial Group Inc. now owns 18,219 shares of the shipping company’s stock worth $144,000 after purchasing an additional 5,142 shares during the last quarter. Hedge funds and other 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.