Jefferies Financial Group Lowers Golden Ocean Group (NASDAQ:GOGL) Price Target to $12.00

Golden Ocean Group (NASDAQ:GOGL) had its price objective cut by Jefferies Financial Group from $12.50 to $12.00 in a research note published on Wednesday,Benzinga reports. They currently have a hold rating on the shipping company’s stock.

Other equities analysts have also recently issued reports about the stock. StockNews.com cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th. Pareto Securities reaffirmed a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Price Performance

GOGL stock opened at $10.00 on Wednesday. The stock has a 50-day moving average price of $11.69 and a two-hundred day moving average price of $12.51. Golden Ocean Group has a 1 year low of $8.42 and a 1 year high of $15.77. The stock has a market cap of $2.00 billion, a PE ratio of 8.26 and a beta of 1.20. The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. The business had revenue of $197.35 million during the quarter, compared to the consensus estimate of $187.74 million. Golden Ocean Group had a return on equity of 13.14% and a net margin of 23.89%. Equities analysts forecast that Golden Ocean Group will post 1.18 EPS for the current fiscal year.

Golden Ocean Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 9th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 12.00%. The ex-dividend date is Monday, December 9th. Golden Ocean Group’s dividend payout ratio (DPR) is 99.17%.

Institutional Investors Weigh In On Golden Ocean Group

Several large investors have recently made changes to their positions in GOGL. Vanguard Group Inc. lifted its stake in Golden Ocean Group by 273.9% in the first quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock valued at $67,274,000 after acquiring an additional 3,802,652 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in Golden Ocean Group in the 1st quarter valued at about $149,000. Price T Rowe Associates Inc. MD increased its position in Golden Ocean Group by 16.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,144 shares of the shipping company’s stock worth $456,000 after buying an additional 4,858 shares during the last quarter. Bayesian Capital Management LP acquired a new position in Golden Ocean Group during the first quarter worth approximately $151,000. Finally, Assenagon Asset Management S.A. raised its stake in Golden Ocean Group by 1,372.9% in the second quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock valued at $17,392,000 after buying an additional 1,174,716 shares during the period. 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.