Golden Ocean Group Limited (NASDAQ:GOGL) Short Interest Update

Golden Ocean Group Limited (NASDAQ:GOGL) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 7,290,000 shares, an increase of 50.6% from the March 15th total of 4,840,000 shares. Currently, 7.3% of the company’s shares are sold short. Based on an average trading volume of 3,900,000 shares, the days-to-cover ratio is presently 1.9 days.

Golden Ocean Group Trading Up 1.8 %

Shares of GOGL stock traded up $0.13 during mid-day trading on Thursday, reaching $7.16. The stock had a trading volume of 1,796,390 shares, compared to its average volume of 2,168,841. The stock’s 50-day moving average price is $8.32 and its two-hundred day moving average price is $9.60. Golden Ocean Group has a 52-week low of $6.27 and a 52-week high of $15.77. The firm has a market capitalization of $1.43 billion, a PE ratio of 5.92 and a beta of 1.10. 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 disclosed 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. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.60 annualized dividend and a yield of 8.38%. Golden Ocean Group’s payout ratio is 53.57%.

Hedge Funds Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its position in shares of Golden Ocean Group by 683.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock worth $25,000 after buying an additional 2,391 shares during the period. Sterling Capital Management LLC grew 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 worth $35,000 after purchasing an additional 3,478 shares during the period. Quarry LP lifted its holdings in shares of Golden Ocean Group by 195.3% during the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock valued at $45,000 after purchasing an additional 3,294 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Golden Ocean Group in the 4th quarter worth approximately $46,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Golden Ocean Group by 47.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock worth $47,000 after purchasing an additional 1,694 shares in the last quarter. Hedge funds and other institutional investors own 22.00% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reiterated 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 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.