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

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

Analyst Ratings Changes

Several equities research analysts have issued reports on GOGL shares. Jefferies Financial Group lowered their price target on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a report on Wednesday, August 28th. StockNews.com cut Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th.

Golden Ocean Group Stock Performance

The stock’s 50 day moving average is $11.87 and its two-hundred day moving average is $12.71. 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 current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66.

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

Golden Ocean Group Dividend Announcement

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

Institutional Investors Weigh In On Golden Ocean Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in GOGL. Point72 Hong Kong Ltd acquired a new stake in shares of Golden Ocean Group in the third quarter valued at about $28,000. Nisa Investment Advisors LLC increased its position in Golden Ocean Group by 1,720.1% during the second quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after buying an additional 3,595 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Golden Ocean Group by 2,319.5% in the second quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock valued at $127,000 after buying an additional 8,791 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Golden Ocean Group in the first quarter valued at approximately $149,000. Finally, Bayesian Capital Management LP bought a new position in shares of Golden Ocean Group during the 1st quarter worth approximately $151,000. 22.00% of the stock is owned by institutional investors.

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.