Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down Following Analyst Downgrade

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price gapped down prior to trading on Wednesday after Jefferies Financial Group lowered their price target on the stock from $12.50 to $12.00. The stock had previously closed at $10.86, but opened at $9.84. Jefferies Financial Group currently has a hold rating on the stock. Golden Ocean Group shares last traded at $9.87, with a volume of 807,646 shares.

GOGL has been the subject of several other research reports. StockNews.com cut Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th. Pareto Securities restated a “hold” rating and set a $12.50 price target on shares of Golden Ocean Group in a report on Thursday, November 21st.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd acquired a new stake in Golden Ocean Group during the third quarter worth approximately $28,000. Nisa Investment Advisors LLC boosted its holdings in shares of Golden Ocean Group by 1,720.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after buying an additional 3,595 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Golden Ocean Group by 2,319.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock worth $127,000 after buying an additional 8,791 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Golden Ocean Group during the 1st quarter valued at $149,000. Finally, Bayesian Capital Management LP acquired a new position in shares of Golden Ocean Group during the 1st quarter valued at $151,000. 22.00% of the stock is owned by institutional investors.

Golden Ocean Group Stock Performance

The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $2.02 billion, a P/E ratio of 9.43 and a beta of 1.20. The company’s 50 day moving average is $11.73 and its 200-day moving average is $12.56.

Golden Ocean Group (NASDAQ:GOGL) last issued its earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. The business had revenue of $197.35 million during the quarter, compared to analyst estimates of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. As a group, equities analysts anticipate that Golden Ocean Group Limited will post 1.18 EPS for the current year.

Golden Ocean Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 9th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 11.89%. The ex-dividend date of this dividend is Monday, December 9th. Golden Ocean Group’s dividend payout ratio is currently 112.15%.

Golden Ocean Group Company Profile

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.