Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down to $13.38

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $13.38, but opened at $12.95. Golden Ocean Group shares last traded at $13.08, with a volume of 225,732 shares traded.

Analyst Upgrades and Downgrades

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

Golden Ocean Group Trading Down 1.4 %

The firm’s 50-day simple moving average is $12.13 and its 200-day simple moving average is $13.10. The firm has a market capitalization of $2.64 billion, a PE ratio of 14.39 and a beta of 1.16. The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66.

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

Golden Ocean Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Wednesday, September 11th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 9.10%. The ex-dividend date was Wednesday, September 11th. Golden Ocean Group’s dividend payout ratio is 129.03%.

Institutional Investors Weigh In On Golden Ocean Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Golden Ocean Group by 273.9% in the 1st quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock worth $67,274,000 after acquiring an additional 3,802,652 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in shares of Golden Ocean Group by 15.7% during the first quarter. Bridgeway Capital Management LLC now owns 1,557,322 shares of the shipping company’s stock worth $20,183,000 after purchasing an additional 211,629 shares during the period. Marshall Wace LLP grew its stake in shares of Golden Ocean Group by 96.9% in the second quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock worth $21,491,000 after purchasing an additional 766,436 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Golden Ocean Group by 1,372.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock valued at $17,392,000 after purchasing an additional 1,174,716 shares during the period. Finally, Hsbc Holdings PLC raised its position in Golden Ocean Group by 55.5% during the 2nd quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock valued at $16,219,000 after purchasing an additional 417,539 shares during the last quarter. 22.00% of the stock is currently 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.