Golden Ocean Group Limited (NASDAQ:GOGL) Plans Quarterly Dividend of $0.30

Golden Ocean Group Limited (NASDAQ:GOGL) announced a quarterly dividend on Wednesday, November 27th,NASDAQ Dividends reports. Shareholders of record on Monday, December 9th will be paid a dividend of 0.30 per share by the shipping company on Wednesday, December 18th. This represents a $1.20 dividend on an annualized basis and a yield of 11.89%. The ex-dividend date of this dividend is Monday, December 9th.

Golden Ocean Group has increased its dividend by an average of 115.4% annually over the last three years. Golden Ocean Group has a payout ratio of 72.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Golden Ocean Group to earn $1.70 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 70.6%.

Golden Ocean Group Stock Down 7.1 %

Shares of NASDAQ GOGL traded down $0.77 during midday trading on Thursday, hitting $10.09. The company’s stock had a trading volume of 4,112,979 shares, compared to its average volume of 1,587,215. Golden Ocean Group has a 1 year low of $8.42 and a 1 year high of $15.77. The business’s fifty day simple moving average is $11.78 and its two-hundred day simple moving average is $12.58. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 9.43 and a beta of 1.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.28 by $0.04. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. The company had revenue of $197.35 million during the quarter, compared to analysts’ expectations of $187.74 million. On average, equities analysts predict that Golden Ocean Group will post 1.18 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. StockNews.com lowered Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th. Pareto Securities reiterated a “hold” rating and issued a $12.50 price objective on shares of Golden Ocean Group in a research note on Thursday, November 21st. Finally, Jefferies Financial Group lowered their price objective on Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating for the company in a research report on Wednesday.

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.