Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up – Time to Buy?

Golden Ocean Group Limited (NASDAQ:GOGL) gapped up before the market opened on Friday . The stock had previously closed at $8.99, but opened at $9.49. Golden Ocean Group shares last traded at $9.43, with a volume of 688,062 shares trading hands.

Analyst Ratings Changes

A number of research firms have weighed in on GOGL. Jefferies Financial Group cut their target price on Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Pareto Securities reaffirmed a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a research report on Thursday, November 21st. Finally, StockNews.com lowered Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th.

Golden Ocean Group Stock Performance

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 company has a market cap of $1.89 billion, a P/E ratio of 7.79 and a beta of 1.18. The firm has a 50 day moving average price of $10.06 and a 200-day moving average price of $11.54.

Golden Ocean Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Monday, December 9th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 12.73%. The ex-dividend date was Monday, December 9th. Golden Ocean Group’s payout ratio is 99.17%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in shares of Golden Ocean Group by 31.7% in the third quarter. JPMorgan Chase & Co. now owns 444,453 shares of the shipping company’s stock valued at $5,947,000 after purchasing an additional 106,966 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Golden Ocean Group in the 3rd quarter valued at $1,543,000. Two Sigma Advisers LP lifted its holdings in shares of 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 acquiring an additional 177,100 shares during the period. Quadrature Capital Ltd boosted its position in shares of Golden Ocean Group by 8.4% during the 3rd quarter. Quadrature Capital Ltd now owns 66,760 shares of the shipping company’s stock valued at $894,000 after acquiring an additional 5,180 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in Golden Ocean Group by 96.3% during the third quarter. Quantinno Capital Management LP now owns 19,740 shares of the shipping company’s stock valued at $264,000 after purchasing an additional 9,684 shares in the last quarter. Institutional investors 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.