Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up – Here’s What Happened

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) gapped up prior to trading on Friday . The stock had previously closed at $8.99, but opened at $9.49. Golden Ocean Group shares last traded at $9.43, with a volume of 688,062 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. StockNews.com cut Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th. Jefferies Financial Group dropped their target price on Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Finally, Pareto Securities reissued a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a report on Thursday, November 21st.

Golden Ocean Group Stock Up 3.8 %

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 fifty day simple moving average of $10.03 and a 200 day simple moving average of $11.50. The firm has a market capitalization of $1.87 billion, a P/E ratio of 7.71 and a beta of 1.18.

Golden Ocean Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Monday, December 9th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 12.86%. The ex-dividend date was Monday, December 9th. Golden Ocean Group’s payout ratio is currently 99.17%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GOGL. Marshall Wace LLP lifted its holdings in shares of Golden Ocean Group by 96.9% during the second quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock valued at $21,491,000 after purchasing an additional 766,436 shares in the last quarter. Mirabella Financial Services LLP bought a new position in Golden Ocean Group in the third quarter valued at about $9,360,000. Hsbc Holdings PLC lifted its holdings in Golden Ocean Group by 55.5% in the second quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock valued at $16,219,000 after acquiring an additional 417,539 shares during the period. Two Sigma Advisers LP lifted its holdings in Golden Ocean Group by 6.9% in the third quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company’s stock valued at $36,817,000 after acquiring an additional 177,100 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Golden Ocean Group by 32.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 694,290 shares of the shipping company’s stock valued at $9,290,000 after acquiring an additional 168,898 shares during the period. 22.00% of the stock is owned by institutional investors.

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.