Golden Ocean Group (NASDAQ:GOGL) Downgraded by StockNews.com

StockNews.com lowered shares of Golden Ocean Group (NASDAQ:GOGL) from a buy rating to a hold rating in a research note released on Saturday.

Separately, Jefferies Financial Group dropped their price target 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 Price Performance

NASDAQ:GOGL opened at $12.93 on Friday. The company has a market cap of $2.59 billion, a P/E ratio of 13.90 and a beta of 1.17. The firm’s fifty day moving average price is $12.15 and its two-hundred day moving average price is $13.11. Golden Ocean Group has a one year low of $7.09 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.04. The firm had revenue of $197.35 million for the quarter, compared to analysts’ expectations of $187.74 million. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. Equities analysts expect that Golden Ocean Group will post 1.35 earnings per share for the current year.

Golden Ocean Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Wednesday, September 11th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 9.28%. The ex-dividend date 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 large investors have recently bought and sold shares of GOGL. Nisa Investment Advisors LLC lifted its holdings in shares of Golden Ocean Group by 1,720.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after acquiring an additional 3,595 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Golden Ocean Group by 2,319.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 8,791 shares in the last quarter. Fifth Lane Capital LP bought a new position in shares of Golden Ocean Group in the 1st quarter valued at $137,000. Lazard Asset Management LLC bought a new stake in shares of Golden Ocean Group during the 1st quarter worth $149,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Golden Ocean Group during the 1st quarter worth $151,000. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.