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

Golden Ocean Group Limited (NASDAQ:GOGL) shares 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 were traded during trading, a decline of 15% from the average daily volume of 1,860,562 shares. The stock had previously closed at $8.14.

Analyst Upgrades and Downgrades

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

Golden Ocean Group Stock Up 2.1 %

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

Golden Ocean Group Cuts Dividend

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

Institutional Investors Weigh In On Golden Ocean Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp boosted its stake in 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 worth $25,000 after buying an additional 2,391 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Golden Ocean Group in the 3rd quarter worth about $28,000. Sterling Capital Management LLC boosted its stake in shares of Golden Ocean Group by 830.1% during the 4th 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 grew its holdings in Golden Ocean Group by 195.3% during the 4th 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. Finally, SBI Securities Co. Ltd. purchased a new stake in Golden Ocean Group in the 4th quarter worth about $46,000. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

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.