Golden Ocean Group (NASDAQ:GOGL) Trading Up 3.9% – Should You Buy?

Golden Ocean Group Limited (NASDAQ:GOGL) rose 3.9% on Friday . The company traded as high as $8.48 and last traded at $8.46. Approximately 1,587,754 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 1,860,562 shares. The stock had previously closed at $8.14.

Analysts Set New Price Targets

Separately, Jefferies Financial Group reissued a “hold” rating and issued a $10.00 price objective on shares of Golden Ocean Group in a report on Wednesday, February 26th.

Golden Ocean Group Stock Up 2.7 %

The firm has a market cap of $1.67 billion, a PE ratio of 6.91 and a beta of 1.14. The business’s 50 day moving average price is $8.86 and its 200 day moving average price is $10.09. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22.

Golden Ocean Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 7.18%. Golden Ocean Group’s payout ratio is currently 53.57%.

Institutional Trading of Golden Ocean Group

A number of institutional investors have recently made changes to their positions in GOGL. MetLife Investment Management LLC lifted its holdings in Golden Ocean Group by 1.7% in the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company’s stock valued at $641,000 after purchasing an additional 1,201 shares in the last quarter. State of Wyoming lifted its stake in shares of Golden Ocean Group by 10.3% in the fourth quarter. State of Wyoming now owns 13,596 shares of the shipping company’s stock worth $122,000 after buying an additional 1,268 shares in the last quarter. Swiss National Bank boosted its position in Golden Ocean Group by 0.6% during the fourth quarter. Swiss National Bank now owns 257,524 shares of the shipping company’s stock worth $2,259,000 after acquiring an additional 1,658 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in Golden Ocean Group by 47.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock valued at $47,000 after acquiring an additional 1,694 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Golden Ocean Group by 2.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,525 shares of the shipping company’s stock valued at $965,000 after acquiring an additional 2,078 shares during the last quarter. 22.00% of the stock is 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.