Golden Ocean Group Target of Unusually High Options Trading (NASDAQ:GOGL)

Golden Ocean Group Limited (NASDAQ:GOGL) saw some unusual options trading activity on Thursday. Stock traders purchased 8,524 call options on the stock. This is an increase of 382% compared to the typical volume of 1,770 call options.

Golden Ocean Group Price Performance

NASDAQ GOGL traded up $0.24 during mid-day trading on Thursday, hitting $8.00. The stock had a trading volume of 2,415,833 shares, compared to its average volume of 1,796,465. The firm’s 50 day moving average is $9.02 and its 200 day moving average is $10.26. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 6.62 and a beta of 1.14. Golden Ocean Group has a twelve month low of $7.49 and a twelve month high of $15.77.

Golden Ocean Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 7.50%. The ex-dividend date is Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio (DPR) is currently 53.57%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GOGL. Jefferies Financial Group reaffirmed a “hold” rating and set a $10.00 price target on shares of Golden Ocean Group in a research report on Wednesday, February 26th. Pareto Securities reissued a “hold” rating and set a $12.50 price objective on shares of Golden Ocean Group in a report on Thursday, November 21st.

Institutional Trading of Golden Ocean Group

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