Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up to $12.21

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $12.21, but opened at $13.08. Golden Ocean Group shares last traded at $13.02, with a volume of 218,038 shares traded.

Wall Street Analyst Weigh In

A number of analysts have weighed in on GOGL shares. Jefferies Financial Group lowered their price target on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a research report on Wednesday, August 28th. StockNews.com raised Golden Ocean Group from a “sell” rating to a “hold” rating in a report on Friday, August 30th.

Golden Ocean Group Stock Performance

The stock has a 50-day moving average price of $12.14 and a 200 day moving average price of $13.11. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 14.00 and a beta of 1.16.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. The company had revenue of $197.35 million for the quarter, compared to analyst estimates of $187.74 million. As a group, analysts anticipate that Golden Ocean Group Limited will post 1.35 EPS for the current fiscal year.

Golden Ocean Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Wednesday, September 11th were given a dividend of $0.30 per share. The ex-dividend date was Wednesday, September 11th. This represents a $1.20 annualized dividend and a yield of 9.29%. Golden Ocean Group’s dividend payout ratio (DPR) is presently 129.03%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted 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 acquiring an additional 1,174,716 shares during the last quarter. BNP Paribas Financial Markets increased its position in Golden Ocean Group by 406.0% during the 1st quarter. BNP Paribas Financial Markets now owns 156,392 shares of the shipping company’s stock worth $2,027,000 after buying an additional 125,484 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Golden Ocean Group by 463.6% in the first quarter. Russell Investments Group Ltd. now owns 610,850 shares of the shipping company’s stock valued at $7,916,000 after acquiring an additional 502,476 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Golden Ocean Group by 1,318.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 786,018 shares of the shipping company’s stock worth $10,187,000 after acquiring an additional 730,609 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Golden Ocean Group by 15.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,151,274 shares of the shipping company’s stock worth $11,236,000 after purchasing an additional 155,425 shares in the last quarter. 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.