Golden Ocean Group (NASDAQ:GOGL) Given Hold Rating at Pareto Securities

Pareto Securities restated their hold rating on shares of Golden Ocean Group (NASDAQ:GOGL) in a report released on Thursday morning,Benzinga reports. They currently have a $12.50 price objective on the shipping company’s stock.

GOGL has been the topic of a number of other research reports. Jefferies Financial Group decreased their price target on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a research report on Wednesday, August 28th. StockNews.com lowered shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th.

Golden Ocean Group Stock Performance

Shares of NASDAQ:GOGL opened at $11.14 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. Golden Ocean Group has a 12-month low of $8.42 and a 12-month high of $15.77. The company’s 50 day moving average price is $11.86 and its two-hundred day moving average price is $12.65. The firm has a market cap of $2.23 billion, a PE ratio of 10.41 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. The business had revenue of $197.35 million for the quarter, compared to the consensus estimate of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. Equities research analysts predict that Golden Ocean Group will post 1.18 earnings per share for the current year.

Golden Ocean Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Wednesday, September 11th were issued a dividend of $0.30 per share. The ex-dividend date was Wednesday, September 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.77%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 112.15%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Point72 Hong Kong Ltd bought a new position in Golden Ocean Group in the 3rd quarter valued at approximately $28,000. Nisa Investment Advisors LLC grew its stake in shares of Golden Ocean Group by 1,720.1% in the second quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after purchasing an additional 3,595 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Golden Ocean Group by 2,319.5% in the second quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock valued at $127,000 after buying an additional 8,791 shares during the period. Lazard Asset Management LLC bought a new position in Golden Ocean Group during the 1st quarter worth approximately $149,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Golden Ocean Group in the 1st quarter valued at $151,000. 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.