Golden Ocean Group (NASDAQ:GOGL) Shares Down 2.5% – What’s Next?

Golden Ocean Group Limited (NASDAQ:GOGL) traded down 2.5% on Friday . The company traded as low as $7.63 and last traded at $7.68. 560,958 shares traded hands during trading, a decline of 82% from the average session volume of 3,181,419 shares. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

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

Golden Ocean Group Stock Performance

The business has a fifty day simple moving average of $9.12 and a two-hundred day simple moving average of $10.41. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65. The company has a market cap of $1.54 billion, a P/E ratio of 6.35 and a beta of 1.14.

Golden Ocean Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 7.81%. The ex-dividend date is Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio (DPR) is currently 53.57%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GOGL. Jones Financial Companies Lllp raised its stake in shares of Golden Ocean Group by 683.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock worth $25,000 after buying an additional 2,391 shares during the period. Point72 Hong Kong Ltd bought a new stake in Golden Ocean Group in the third quarter worth $28,000. Sterling Capital Management LLC increased its position in Golden Ocean Group by 830.1% in the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock worth $35,000 after purchasing an additional 3,478 shares during the last quarter. Quarry LP increased its position in Golden Ocean Group by 195.3% during the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock valued at $45,000 after acquiring an additional 3,294 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Golden Ocean Group in the fourth quarter worth approximately $46,000. Institutional investors own 22.00% of the company’s stock.

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.