Golden Ocean Group (NASDAQ:GOGL) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Golden Ocean Group (NASDAQ:GOGL) from a hold rating to a buy rating in a report issued on Friday morning.

Separately, Jefferies Financial Group decreased their price objective on Golden Ocean Group from $15.50 to $14.50 and set a hold rating for the company in a report on Wednesday, August 28th.

Golden Ocean Group Stock Down 0.5 %

NASDAQ:GOGL opened at $13.17 on Friday. The stock has a 50-day simple moving average of $12.13 and a 200 day simple moving average of $13.10. Golden Ocean Group has a 52-week low of $7.09 and a 52-week high of $15.77. The company has a market cap of $2.63 billion, a PE ratio of 14.16 and a beta of 1.16. 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 posted its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. The company had revenue of $197.35 million for the quarter, compared to the consensus estimate 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 expect that Golden Ocean Group will post 1.35 EPS for the current fiscal year.

Golden Ocean Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Wednesday, September 11th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.11%. The ex-dividend date of this dividend was Wednesday, September 11th. Golden Ocean Group’s dividend payout ratio (DPR) is presently 129.03%.

Institutional Investors Weigh In On Golden Ocean Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. SummerHaven Investment Management LLC raised its stake in Golden Ocean Group by 1.1% in the 2nd quarter. SummerHaven Investment Management LLC now owns 95,615 shares of the shipping company’s stock valued at $1,319,000 after acquiring an additional 1,042 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Golden Ocean Group by 3.1% in the second quarter. The Manufacturers Life Insurance Company now owns 43,840 shares of the shipping company’s stock valued at $605,000 after purchasing an additional 1,300 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Golden Ocean Group by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 22,128 shares of the shipping company’s stock worth $287,000 after buying an additional 1,742 shares during the period. Sei Investments Co. raised its holdings in Golden Ocean Group by 4.1% in the 2nd quarter. Sei Investments Co. now owns 54,404 shares of the shipping company’s stock valued at $751,000 after acquiring an additional 2,144 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its position in Golden Ocean Group by 16.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 16,420 shares of the shipping company’s stock worth $225,000 after acquiring an additional 2,267 shares during the last quarter. 22.00% of the stock is owned by 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.