Golden Ocean Group (NASDAQ:GOGL) Sees Large Volume Increase – Time to Buy?

Golden Ocean Group Limited (NASDAQ:GOGL) saw unusually-strong trading volume on Thursday . Approximately 2,950,108 shares traded hands during trading, an increase of 39% from the previous session’s volume of 2,125,288 shares.The stock last traded at $6.95 and had previously closed at $7.05.

Analysts Set New Price Targets

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

Golden Ocean Group Stock Up 7.9 %

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 cap of $1.48 billion, a price-to-earnings ratio of 6.11 and a beta of 1.10. The business has a fifty day moving average of $8.45 and a 200 day moving average of $9.70.

Golden Ocean Group Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 8.12%. Golden Ocean Group’s dividend payout ratio is currently 53.57%.

Hedge Funds Weigh In On Golden Ocean Group

Hedge funds have recently bought and sold shares of the business. Jones Financial Companies Lllp boosted its stake in shares of Golden Ocean Group by 683.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock worth $25,000 after acquiring an additional 2,391 shares in the last quarter. Sterling Capital Management LLC boosted its position in Golden Ocean Group by 830.1% during 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 period. Quarry LP grew its holdings 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 purchasing an additional 3,294 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Golden Ocean Group in the fourth quarter valued at approximately $46,000. Finally, Tower Research Capital LLC TRC lifted its stake 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 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.