Golden Ocean Group (NASDAQ:GOGL) Sees Strong Trading Volume – Still a Buy?

Golden Ocean Group Limited (NASDAQ:GOGL) saw unusually-high trading volume on Thursday . Approximately 5,101,072 shares traded hands during trading, an increase of 176% from the previous session’s volume of 1,850,221 shares.The stock last traded at $8.15 and had previously closed at $8.00.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group reissued a “hold” rating and set a $10.00 price objective on shares of Golden Ocean Group in a research report on Wednesday, February 26th.

Golden Ocean Group Price Performance

The stock has a market cap of $1.67 billion, a PE ratio of 6.91 and a beta of 1.14. 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 stock’s 50-day moving average is $8.86 and its two-hundred day moving average is $10.09.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were paid a $0.15 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 7.18%. Golden Ocean Group’s payout ratio is presently 53.57%.

Hedge Funds Weigh In On Golden Ocean Group

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased 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 purchasing an additional 71,918 shares during the period. Two Sigma Advisers LP increased its stake in 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 buying an additional 177,100 shares during the period. Encompass Capital Advisors LLC increased its stake in Golden Ocean Group by 1,402.3% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company’s stock worth $17,072,000 after buying an additional 1,778,571 shares during the period. Geode Capital Management LLC boosted its position in Golden Ocean Group by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,663,334 shares of the shipping company’s stock valued at $14,903,000 after buying an additional 9,041 shares during the period. Finally, Bridgeway Capital Management LLC boosted its position in Golden Ocean Group by 2.1% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,651,405 shares of the shipping company’s stock valued at $14,797,000 after buying an additional 33,241 shares during the period. Institutional investors and hedge funds 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.