Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down – What’s Next?

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) gapped down prior to trading on Monday . The stock had previously closed at $12.29, but opened at $11.78. Golden Ocean Group shares last traded at $11.82, with a volume of 369,935 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group dropped their price objective 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. StockNews.com cut Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th.

Golden Ocean Group Stock Performance

The firm’s 50 day simple moving average is $12.19 and its 200-day simple moving average is $13.08. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 12.24 and a beta of 1.17. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.00 and a current ratio of 1.17.

Golden Ocean Group (NASDAQ:GOGL) last released its earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. The business had revenue of $197.35 million for the quarter, compared to analyst estimates of $187.74 million. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. On average, sell-side analysts predict that Golden Ocean Group Limited will post 1.35 EPS for the current year.

Golden Ocean Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Wednesday, September 11th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.54%. The ex-dividend date was Wednesday, September 11th. Golden Ocean Group’s dividend payout ratio is currently 129.03%.

Institutional Investors Weigh In On Golden Ocean Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its stake in Golden Ocean Group by 1,720.1% during the second quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after buying an additional 3,595 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Golden Ocean Group by 2,319.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock worth $127,000 after acquiring an additional 8,791 shares in the last quarter. Fifth Lane Capital LP purchased a new position in Golden Ocean Group during the 1st quarter valued at about $137,000. Lazard Asset Management LLC acquired a new position in Golden Ocean Group in the 1st quarter valued at about $149,000. Finally, Bayesian Capital Management LP acquired a new position in shares of Golden Ocean Group in the first quarter valued at approximately $151,000. Institutional investors and hedge funds own 22.00% of the company’s stock.

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.