Golden Ocean Group (NASDAQ:GOGL) Hits New 1-Year Low – Time to Sell?

Golden Ocean Group Limited (NASDAQ:GOGL) hit a new 52-week low during trading on Wednesday . The company traded as low as $7.62 and last traded at $7.78, with a volume of 7174965 shares changing hands. The stock had previously closed at $8.23.

Analyst Ratings Changes

A number of research firms have recently weighed in on GOGL. Jefferies Financial Group reissued a “hold” rating and set a $10.00 target price on shares of Golden Ocean Group in a report on Wednesday, February 26th. Pareto Securities reaffirmed a “hold” rating and set a $12.50 price target on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Trading Down 2.7 %

The firm has a 50 day moving average of $9.12 and a 200-day moving average of $10.41. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $1.58 billion, a P/E ratio of 6.51 and a beta of 1.14.

Golden Ocean Group Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 7.61%. The ex-dividend date of this dividend is Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio (DPR) is currently 53.57%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Golden Ocean Group by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 5,798,672 shares of the shipping company’s stock worth $50,978,000 after buying an additional 71,918 shares in the last quarter. Two Sigma Advisers LP boosted its position in shares of Golden Ocean Group by 6.9% during the 3rd quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company’s stock worth $36,817,000 after acquiring an additional 177,100 shares in the last quarter. Encompass Capital Advisors LLC increased its stake in Golden Ocean Group by 1,402.3% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company’s stock valued at $17,072,000 after acquiring an additional 1,778,571 shares during the last quarter. Geode Capital Management LLC raised its position in Golden Ocean Group by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,663,334 shares of the shipping company’s stock valued at $14,903,000 after purchasing an additional 9,041 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its stake in Golden Ocean Group by 2.1% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,651,405 shares of the shipping company’s stock worth $14,797,000 after purchasing an additional 33,241 shares during the last quarter. 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.