Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down to $14.79

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) gapped down prior to trading on Monday . The stock had previously closed at $14.79, but opened at $14.05. Golden Ocean Group shares last traded at $14.29, with a volume of 1,083,235 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $15.00 target price on shares of Golden Ocean Group in a research report on Wednesday, February 28th. StockNews.com raised 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.50.

Golden Ocean Group Trading Down 2.4 %

The company’s fifty day moving average price is $13.13 and its two-hundred day moving average price is $10.69. 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 company has a market cap of $2.88 billion, a price-to-earnings ratio of 26.41 and a beta of 1.32.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.07. The firm 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%. Research analysts expect that Golden Ocean Group Limited will post 1.52 earnings per share for the current year.

Golden Ocean Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were given a dividend of $0.30 per share. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.10. The ex-dividend date was Tuesday, March 12th. This represents a $1.20 annualized dividend and a yield of 8.32%. Golden Ocean Group’s dividend payout ratio is 214.29%.

Hedge Funds Weigh In On Golden Ocean Group

A number of large investors have recently modified their holdings of GOGL. Folketrygdfondet raised its position in Golden Ocean Group by 5.6% in the 4th quarter. Folketrygdfondet now owns 9,402,318 shares of the shipping company’s stock worth $91,767,000 after purchasing an additional 500,000 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Golden Ocean Group by 15.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,151,274 shares of the shipping company’s stock valued at $11,236,000 after acquiring an additional 155,425 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Golden Ocean Group by 1,318.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 786,018 shares of the shipping company’s stock valued at $10,187,000 after acquiring an additional 730,609 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in Golden Ocean Group by 108.5% in the fourth quarter. Hsbc Holdings PLC now owns 712,829 shares of the shipping company’s stock valued at $6,928,000 after acquiring an additional 370,918 shares during the last quarter. Finally, Hosking Partners LLP increased its position in Golden Ocean Group by 20.1% in the third quarter. Hosking Partners LLP now owns 707,321 shares of the shipping company’s stock worth $5,574,000 after purchasing an additional 118,173 shares during the period. 22.00% of the stock is currently 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.