Golden Ocean Group’s (GOGL) Hold Rating Reiterated at Pareto Securities

Pareto Securities reaffirmed their hold rating on shares of Golden Ocean Group (NASDAQ:GOGL) in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a $12.50 price target on the shipping company’s stock.

GOGL has been the subject of several other research reports. Jefferies Financial Group dropped their target price on shares of Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a research report on Wednesday, August 28th. 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

Golden Ocean Group stock opened at $11.14 on Thursday. The stock’s 50 day moving average price is $11.86 and its 200 day moving average price is $12.67. Golden Ocean Group has a one year low of $8.42 and a one year high of $15.77. 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 firm has a market capitalization of $2.23 billion, a PE ratio of 10.41 and a beta of 1.20.

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

Golden Ocean Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Wednesday, September 11th were given a $0.30 dividend. The ex-dividend date was Wednesday, September 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.77%. Golden Ocean Group’s payout ratio is currently 112.15%.

Institutional Investors Weigh In On Golden Ocean Group

A number of institutional investors have recently modified their holdings of GOGL. Vanguard Group Inc. boosted its stake in Golden Ocean Group by 273.9% in the first quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock valued at $67,274,000 after acquiring an additional 3,802,652 shares during the period. Assenagon Asset Management S.A. boosted its position in 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 valued at $17,392,000 after purchasing an additional 1,174,716 shares during the period. Marshall Wace LLP grew its stake in Golden Ocean Group by 96.9% during the 2nd 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 during the last quarter. Mirabella Financial Services LLP acquired a new stake in Golden Ocean Group in the third quarter worth $9,360,000. Finally, Hsbc Holdings PLC lifted 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 during 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.