Golden Ocean Group (NASDAQ:GOGL) Earns Hold Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of Golden Ocean Group (NASDAQ:GOGL) in a report released on Tuesday. The firm issued a hold rating on the shipping company’s stock.

Separately, Jefferies Financial Group cut their target price on Golden Ocean Group from $10.00 to $8.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd.

Golden Ocean Group Price Performance

Shares of Golden Ocean Group stock opened at $7.63 on Tuesday. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 6.31 and a beta of 1.06. Golden Ocean Group has a twelve month low of $6.27 and a twelve month high of $15.77. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The business’s 50 day simple moving average is $7.70 and its 200-day simple moving average is $9.09.

Golden Ocean Group Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 11th were given a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a yield of 7.86%. Golden Ocean Group’s dividend payout ratio is presently 53.57%.

Institutional Trading of Golden Ocean Group

Institutional investors have recently made changes to their positions in the stock. MetLife Investment Management LLC boosted its stake in Golden Ocean Group by 1.7% during the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company’s stock valued at $641,000 after purchasing an additional 1,201 shares in the last quarter. State of Wyoming lifted its holdings in shares of Golden Ocean Group by 10.3% in the fourth quarter. State of Wyoming now owns 13,596 shares of the shipping company’s stock valued at $122,000 after buying an additional 1,268 shares during the period. Onyx Bridge Wealth Group LLC boosted its stake in Golden Ocean Group by 4.5% during the first quarter. Onyx Bridge Wealth Group LLC now owns 36,682 shares of the shipping company’s stock valued at $293,000 after buying an additional 1,591 shares in the last quarter. Swiss National Bank lifted its holdings in Golden Ocean Group by 0.6% in the 4th quarter. Swiss National Bank now owns 257,524 shares of the shipping company’s stock valued at $2,259,000 after acquiring an additional 1,658 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Golden Ocean Group by 47.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock worth $47,000 after purchasing an additional 1,694 shares during the last quarter. 22.00% of the stock is owned by institutional investors and hedge funds.

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.