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

StockNews.com initiated coverage on shares of Golden Ocean Group (NASDAQ:GOGL) in a research report released on Wednesday morning. The brokerage issued a hold rating on the shipping company’s stock.

Separately, Jefferies Financial Group decreased their price target on shares of Golden Ocean Group from $10.00 to $8.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd.

Golden Ocean Group Stock Up 1.5%

Shares of NASDAQ GOGL opened at $8.07 on Wednesday. Golden Ocean Group has a 52-week low of $6.27 and a 52-week high of $15.77. The firm has a fifty day moving average of $7.61 and a 200-day moving average of $9.00. The stock has a market capitalization of $1.61 billion, a PE ratio of 6.67 and a beta of 1.06. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th were issued 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 7.43%. Golden Ocean Group’s dividend payout ratio is currently 53.57%.

Institutional Investors Weigh In On Golden Ocean Group

Institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp raised its stake in shares of Golden Ocean Group by 683.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 2,391 shares in the last quarter. CWM LLC raised its stake in shares of Golden Ocean Group by 330.1% in the 1st quarter. CWM LLC now owns 3,402 shares of the shipping company’s stock valued at $27,000 after purchasing an additional 2,611 shares in the last quarter. Sterling Capital Management LLC raised its stake in shares of Golden Ocean Group by 830.1% in the 4th quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock valued at $35,000 after purchasing an additional 3,478 shares in the last quarter. Quarry LP raised its stake in shares of Golden Ocean Group by 195.3% in the 4th quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock valued at $45,000 after purchasing an additional 3,294 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Golden Ocean Group in the 4th quarter valued at about $46,000. Institutional investors and hedge funds 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.