Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down – Time to Sell?

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) gapped down before the market opened 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 traded.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on GOGL shares. Jefferies Financial Group dropped their target price on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a report on Wednesday, August 28th. StockNews.com cut Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th.

Golden Ocean Group Stock Performance

The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. The company has a market cap of $2.27 billion, a PE ratio of 12.24 and a beta of 1.17. The firm has a fifty day simple moving average of $12.19 and a 200-day simple moving average of $13.08.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings data 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 business had revenue of $197.35 million during the quarter, compared to the consensus estimate of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. On average, research analysts forecast that Golden Ocean Group Limited will post 1.35 EPS for the current fiscal year.

Golden Ocean Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Wednesday, September 11th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.20 annualized dividend and a dividend yield of 10.54%. Golden Ocean Group’s dividend payout ratio (DPR) is 129.03%.

Hedge Funds Weigh In On Golden Ocean Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quadrature Capital Ltd purchased a new position in shares of Golden Ocean Group in the 4th quarter valued at approximately $171,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Golden Ocean Group in the 1st quarter worth $684,000. Harbour Capital Advisors LLC purchased a new stake in shares of Golden Ocean Group in the first quarter valued at about $691,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Golden Ocean Group by 1,318.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 786,018 shares of the shipping company’s stock worth $10,187,000 after acquiring an additional 730,609 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in Golden Ocean Group by 406.0% during the first quarter. BNP Paribas Financial Markets now owns 156,392 shares of the shipping company’s stock worth $2,027,000 after purchasing an additional 125,484 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.