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 Friday . The stock had previously closed at $8.99, but opened at $8.81. Golden Ocean Group shares last traded at $8.94, with a volume of 378,204 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GOGL. Jefferies Financial Group cut their price objective on shares of Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. StockNews.com lowered Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th. Finally, Pareto Securities restated a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a research note on Thursday, November 21st.

Golden Ocean Group Stock Performance

The firm’s 50 day moving average is $9.80 and its 200-day moving average is $11.33. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 7.32 and a beta of 1.18. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22.

Golden Ocean Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 9th were given a $0.30 dividend. The ex-dividend date was Monday, December 9th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 13.54%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 99.17%.

Hedge Funds Weigh In On Golden Ocean Group

Several institutional investors and hedge funds have recently modified their holdings of GOGL. Point72 Hong Kong Ltd purchased a new position in Golden Ocean Group during the third quarter worth approximately $28,000. EverSource Wealth Advisors LLC lifted its position in shares of 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 valued at $127,000 after buying an additional 8,791 shares in the last quarter. FMR LLC lifted its position in shares of Golden Ocean Group by 146.8% during the 3rd quarter. FMR LLC now owns 12,210 shares of the shipping company’s stock valued at $163,000 after buying an additional 7,263 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in Golden Ocean Group by 16.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 16,420 shares of the shipping company’s stock valued at $225,000 after acquiring an additional 2,267 shares during the period. Finally, Quantinno Capital Management LP increased its holdings in Golden Ocean Group by 96.3% in the 3rd quarter. Quantinno Capital Management LP now owns 19,740 shares of the shipping company’s stock worth $264,000 after acquiring an additional 9,684 shares in the last quarter. Hedge funds and other institutional investors own 22.00% of the company’s stock.

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.