Golden Ocean Group (NASDAQ:GOGL) Reaches New 12-Month Low – Should You Sell?

Golden Ocean Group Limited (NASDAQ:GOGL) reached a new 52-week low during trading on Monday . The stock traded as low as $9.00 and last traded at $9.00, with a volume of 33489 shares. The stock had previously closed at $9.11.

Analyst Ratings Changes

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

Golden Ocean Group Stock Performance

The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 7.31 and a beta of 1.16. The firm’s fifty day moving average price is $10.84 and its 200 day moving average price is $12.05.

Golden Ocean Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 9th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.20 annualized dividend and a dividend yield of 13.56%. Golden Ocean Group’s dividend payout ratio is presently 99.17%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GOGL. Point72 Hong Kong Ltd purchased a new position in shares of Golden Ocean Group in the 3rd quarter valued at about $28,000. Nisa Investment Advisors LLC boosted its holdings in shares of Golden Ocean Group by 1,720.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock valued at $52,000 after buying an additional 3,595 shares in the last quarter. EverSource Wealth Advisors LLC grew its position 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 buying an additional 8,791 shares during the last quarter. FMR LLC grew its position in shares of Golden Ocean Group by 146.8% in 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 during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Golden Ocean Group by 16.0% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 22.00% of the company’s stock.

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.