Golden Ocean Group Ltd (NASDAQ:GOGL) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 842,800 shares, a drop of 11.1% from the July 31st total of 948,500 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average daily volume of 255,300 shares, the short-interest ratio is currently 3.3 days.
Hedge funds have recently made changes to their positions in the business. CarVal Investors LLC grew its stake in Golden Ocean Group by 74.8% during the first quarter. CarVal Investors LLC now owns 700,000 shares of the shipping company’s stock valued at $3,339,000 after acquiring an additional 299,550 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Golden Ocean Group by 6.4% during the second quarter. Russell Investments Group Ltd. now owns 1,601,356 shares of the shipping company’s stock valued at $9,105,000 after acquiring an additional 96,323 shares in the last quarter. Swiss National Bank grew its stake in Golden Ocean Group by 2.1% during the second quarter. Swiss National Bank now owns 161,068 shares of the shipping company’s stock valued at $931,000 after acquiring an additional 3,337 shares in the last quarter. Sigma Planning Corp grew its stake in Golden Ocean Group by 12.9% during the second quarter. Sigma Planning Corp now owns 15,637 shares of the shipping company’s stock valued at $91,000 after acquiring an additional 1,788 shares in the last quarter. Finally, Platinum Investment Management Ltd. grew its stake in Golden Ocean Group by 21.8% during the second quarter. Platinum Investment Management Ltd. now owns 3,350,000 shares of the shipping company’s stock valued at $165,356,000 after acquiring an additional 600,000 shares in the last quarter. 14.70% of the stock is currently owned by institutional investors and hedge funds.
GOGL has been the topic of a number of recent analyst reports. BidaskClub raised shares of Golden Ocean Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday. ValuEngine raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Golden Ocean Group presently has a consensus rating of “Hold” and a consensus target price of $8.63.
Shares of GOGL traded up $0.08 during trading hours on Friday, reaching $6.56. 255,209 shares of the stock traded hands, compared to its average volume of 249,551. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.73. The stock has a fifty day simple moving average of $5.94 and a 200 day simple moving average of $5.52. Golden Ocean Group has a 52 week low of $4.33 and a 52 week high of $10.05. The company has a market cap of $930.06 million, a price-to-earnings ratio of 10.93 and a beta of 2.02.
Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings data on Thursday, August 15th. The shipping company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $115.78 million for the quarter. Golden Ocean Group had a net margin of 3.02% and a return on equity of 2.10%.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Friday, August 30th were given a $0.10 dividend. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.03. The ex-dividend date was Thursday, August 29th. This represents a $0.40 annualized dividend and a yield of 6.10%. Golden Ocean Group’s payout ratio is currently 66.67%.
Golden Ocean Group Company Profile
Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. It owns and operates a fleet of dry bulk vessels, including Newcastlemax, Capesize, Panamax, and Ultramax vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.
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