Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down – Here’s Why

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $8.99, but opened at $8.81. Golden Ocean Group shares last traded at $8.94, with a volume of 378,204 shares trading hands.

Analyst Ratings Changes

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

Golden Ocean Group Price Performance

The company’s fifty day moving average is $9.92 and its two-hundred day moving average is $11.40. 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 cap of $1.78 billion, a price-to-earnings ratio of 7.34 and a beta of 1.18.

Golden Ocean Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Monday, December 9th were given a dividend of $0.30 per share. The ex-dividend date was Monday, December 9th. This represents a $1.20 annualized dividend and a dividend yield of 13.51%. Golden Ocean Group’s dividend payout ratio is presently 99.17%.

Hedge Funds Weigh In On Golden Ocean Group

Several institutional investors have recently modified their holdings of GOGL. Marshall Wace LLP grew its position in shares of Golden Ocean Group by 96.9% during the second quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock worth $21,491,000 after buying an additional 766,436 shares in the last quarter. Mirabella Financial Services LLP acquired a new stake in shares of Golden Ocean Group in the 3rd quarter valued at $9,360,000. Assenagon Asset Management S.A. lifted its position in shares of Golden Ocean Group by 196.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 961,367 shares of the shipping company’s stock worth $8,614,000 after purchasing an additional 637,103 shares during the last quarter. Hsbc Holdings PLC raised its stake in Golden Ocean Group by 55.5% in the second quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock valued at $16,219,000 after buying an additional 417,539 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its holdings 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 last quarter. 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.