Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down – Time to Sell?

Golden Ocean Group Limited (NASDAQ:GOGL) gapped down before the market opened on Wednesday . The stock had previously closed at $10.06, but opened at $9.35. Golden Ocean Group shares last traded at $8.87, with a volume of 4,487,398 shares trading hands.

Analysts Set New Price Targets

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

Golden Ocean Group Stock Down 14.6 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22. The company’s 50-day simple moving average is $9.22 and its two-hundred day simple moving average is $10.57. The firm has a market cap of $1.72 billion, a PE ratio of 7.13 and a beta of 1.16.

Golden Ocean Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 6.98%. The ex-dividend date of this dividend is Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio (DPR) is currently 53.57%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. MetLife Investment Management LLC boosted its position in shares of Golden Ocean Group by 1.7% during the fourth quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company’s stock valued at $641,000 after buying an additional 1,201 shares during the last quarter. State of Wyoming raised its stake in Golden Ocean Group by 10.3% during the 4th quarter. State of Wyoming now owns 13,596 shares of the shipping company’s stock worth $122,000 after acquiring an additional 1,268 shares during the period. Swiss National Bank increased its stake in Golden Ocean Group by 0.6% in the 4th quarter. Swiss National Bank now owns 257,524 shares of the shipping company’s stock worth $2,259,000 after buying an additional 1,658 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Golden Ocean Group by 47.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock worth $47,000 after buying an additional 1,694 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Golden Ocean Group by 2.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,525 shares of the shipping company’s stock valued at $965,000 after purchasing an additional 2,078 shares during the period. 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.