Golden Ocean Group Limited (NASDAQ:GOGL) Sees Large Increase in Short Interest

Golden Ocean Group Limited (NASDAQ:GOGL) saw a significant increase in short interest in 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. Approximately 7.3% of the shares of the stock are short sold. Based on an average trading volume of 3,900,000 shares, the short-interest ratio is currently 1.9 days.

Golden Ocean Group Price Performance

Shares of GOGL traded up $0.13 during trading hours on Thursday, reaching $7.16. 1,796,390 shares of the company’s stock traded hands, compared to its average volume of 2,168,841. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The firm’s 50 day simple moving average is $8.32 and its 200-day simple moving average is $9.60. The stock has a market cap of $1.43 billion, a PE ratio of 5.92 and a beta of 1.10. Golden Ocean Group has a 12 month low of $6.27 and a 12 month high of $15.77.

Golden Ocean Group Cuts Dividend

The business also recently declared 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 yield of 8.38%. Golden Ocean Group’s dividend payout ratio is presently 53.57%.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Golden Ocean Group

Hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp boosted its holdings 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 purchasing an additional 2,391 shares in the last quarter. Sterling Capital Management LLC boosted its stake 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 buying an additional 3,478 shares in the last quarter. Quarry LP grew its position in 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 acquiring 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 stake 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 valued at $47,000 after purchasing an additional 1,694 shares in the last quarter. 22.00% of the stock is 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.