Golden Ocean Group (NASDAQ:GOGL) Stock Price Down 3.5% – Here’s Why

Golden Ocean Group Limited (NASDAQ:GOGL) shares traded down 3.5% during trading on Tuesday . The company traded as low as $11.65 and last traded at $11.82. 655,803 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 1,570,729 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Jefferies Financial Group lowered their price target on shares of 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 downgraded Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th.

Golden Ocean Group Price Performance

The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 11.06 and a beta of 1.20. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.00 and a current ratio of 1.17. The company has a fifty day simple moving average of $11.87 and a two-hundred day simple moving average of $12.71.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. The firm had revenue of $197.35 million for the quarter, compared to the consensus estimate of $187.74 million. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. As a group, equities research analysts expect that Golden Ocean Group Limited will post 1.18 earnings per share for the current fiscal year.

Golden Ocean Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Wednesday, September 11th were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.20 dividend on an annualized basis and a yield of 10.14%. Golden Ocean Group’s dividend payout ratio (DPR) is 112.15%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its holdings in shares of Golden Ocean Group by 1,372.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock worth $17,392,000 after buying an additional 1,174,716 shares in the last quarter. Sei Investments Co. bought a new stake in shares of Golden Ocean Group during the 1st quarter valued at approximately $677,000. Vanguard Group Inc. lifted its stake in Golden Ocean Group by 273.9% in the 1st quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock valued at $67,274,000 after purchasing an additional 3,802,652 shares during the last quarter. Empowered Funds LLC boosted its position in Golden Ocean Group by 5.4% in the third quarter. Empowered Funds LLC now owns 929,764 shares of the shipping company’s stock valued at $12,440,000 after buying an additional 47,302 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Golden Ocean Group by 10,268.6% during the second quarter. Blue Trust Inc. now owns 19,493 shares of the shipping company’s stock worth $253,000 after buying an additional 19,305 shares in the last quarter. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.