Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down – Should You Sell?

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $10.06, but opened at $9.35. Golden Ocean Group shares last traded at $8.87, with a volume of 4,487,398 shares trading hands.

Analyst Ratings Changes

GOGL has been the subject of a number of research reports. Pareto Securities restated a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a report on Thursday, November 21st. Jefferies Financial Group reaffirmed a “hold” rating and issued a $10.00 target price on shares of Golden Ocean Group in a research report on Wednesday, February 26th.

Golden Ocean Group Stock Down 14.6 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market capitalization of $1.72 billion, a P/E ratio of 7.13 and a beta of 1.16. The stock has a 50 day moving average of $9.22 and a 200-day moving average of $10.57.

Golden Ocean Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Tuesday, March 11th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 6.98%. The ex-dividend date of this dividend is Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio is 53.57%.

Hedge Funds Weigh In On Golden Ocean Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. grew its holdings in shares of Golden Ocean Group by 74.2% during the fourth quarter. Jefferies Financial Group Inc. now owns 34,074 shares of the shipping company’s stock worth $305,000 after purchasing an additional 14,518 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Golden Ocean Group by 3.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 119,597 shares of the shipping company’s stock valued at $1,062,000 after buying an additional 4,198 shares in the last quarter. PharVision Advisers LLC bought a new stake in shares of Golden Ocean Group during the 4th quarter worth $189,000. Voloridge Investment Management LLC grew its position in Golden Ocean Group by 6.8% in the fourth quarter. Voloridge Investment Management LLC now owns 1,495,472 shares of the shipping company’s stock worth $13,399,000 after acquiring an additional 95,164 shares in the last quarter. Finally, Squarepoint Ops LLC increased its stake in Golden Ocean Group by 155.8% in the fourth quarter. Squarepoint Ops LLC now owns 56,864 shares of the shipping company’s stock valued at $510,000 after acquiring an additional 34,636 shares during the last quarter. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

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.