Golden Ocean Group Sees Unusually Large Options Volume (NASDAQ:GOGL)

Golden Ocean Group Limited (NASDAQ:GOGL) was the target of unusually large options trading activity on Wednesday. Investors bought 9,014 call options on the stock. This is an increase of approximately 2,397% compared to the average daily volume of 361 call options.

Golden Ocean Group Stock Up 4.6 %

GOGL traded up $0.43 during midday trading on Wednesday, reaching $9.83. 2,881,043 shares of the company were exchanged, compared to its average volume of 1,756,215. Golden Ocean Group has a one year low of $8.52 and a one year high of $15.77. 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 $1.97 billion, a price-to-earnings ratio of 8.14 and a beta of 1.16. The company’s fifty day moving average price is $9.12 and its 200 day moving average price is $10.65.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings results on Wednesday, February 26th. The shipping company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.14). Golden Ocean Group had a return on equity of 13.14% and a net margin of 23.89%. As a group, analysts expect that Golden Ocean Group will post 1.14 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $10.00 price target on shares of Golden Ocean Group in a research report on Wednesday. Pareto Securities restated a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a report on Thursday, November 21st.

Institutional Trading of Golden Ocean Group

Several institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE increased its stake in Golden Ocean Group by 1,127.7% in the 3rd quarter. US Bancorp DE now owns 43,632 shares of the shipping company’s stock worth $584,000 after purchasing an additional 40,078 shares during the period. Summit Global Investments purchased a new stake in Golden Ocean Group during the 3rd quarter valued at $436,000. Empowered Funds LLC raised its holdings in shares of Golden Ocean Group by 5.4% during the third quarter. Empowered Funds LLC now owns 929,764 shares of the shipping company’s stock valued at $12,440,000 after acquiring an additional 47,302 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Golden Ocean Group in the 3rd quarter valued at approximately $744,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Golden Ocean Group in the 3rd quarter worth about $477,000. 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.