Traders Buy High Volume of Call Options on Golden Ocean Group (NASDAQ:GOGL)

Golden Ocean Group Limited (NASDAQ:GOGL) was the recipient of unusually large options trading activity on Thursday. Stock investors bought 8,524 call options on the company. This represents an increase of approximately 382% compared to the typical volume of 1,770 call options.

Analysts Set New Price Targets

Separately, Jefferies Financial Group reissued 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 Price Performance

Shares of NASDAQ:GOGL opened at $7.68 on Friday. Golden Ocean Group has a one year low of $7.49 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22. The company has a 50-day simple moving average of $8.97 and a 200-day simple moving average of $10.21. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 6.35 and a beta of 1.14.

Golden Ocean Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were paid 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 7.81%. Golden Ocean Group’s dividend payout ratio (DPR) is 53.57%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Hong Kong Ltd acquired a new position in shares of Golden Ocean Group during the third quarter worth about $28,000. Jones Financial Companies Lllp increased its holdings in Golden Ocean Group by 683.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock valued at $25,000 after buying an additional 2,391 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Golden Ocean Group by 830.1% in the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock valued at $35,000 after buying an additional 3,478 shares in the last quarter. Quarry LP increased its holdings in Golden Ocean Group by 195.3% in the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock valued at $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 fourth quarter valued at about $46,000. 22.00% of the stock is currently 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.