Golden Ocean Group (NASDAQ:GOGL) Shares Up 3.9% – Here’s Why

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) were up 3.9% during mid-day trading on Friday . The company traded as high as $8.48 and last traded at $8.46. Approximately 1,587,754 shares traded hands during trading, a decline of 15% from the average daily volume of 1,860,562 shares. The stock had previously closed at $8.14.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reaffirmed a “hold” rating and issued a $10.00 price objective on shares of Golden Ocean Group in a research report on Wednesday, February 26th.

Golden Ocean Group Stock Performance

The company has a market capitalization of $1.66 billion, a PE ratio of 6.87 and a beta of 1.14. The firm’s 50-day simple moving average is $8.87 and its 200-day simple moving average is $10.12. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65.

Golden Ocean Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 7.22%. The ex-dividend date of this dividend was Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio (DPR) is presently 53.57%.

Hedge Funds Weigh In On Golden Ocean Group

Several institutional investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new position in Golden Ocean Group during the 3rd quarter worth about $28,000. Jones Financial Companies Lllp boosted its stake in shares of Golden Ocean Group by 683.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 2,391 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Golden Ocean Group by 830.1% during 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 during the period. Quarry LP raised its stake in Golden Ocean Group by 195.3% in the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock worth $45,000 after buying an additional 3,294 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in Golden Ocean Group in the fourth quarter worth approximately $46,000. Hedge funds and other institutional investors own 22.00% of the company’s stock.

Golden Ocean Group Company Profile

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.