Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up – What’s Next?

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $6.48, but opened at $6.62. Golden Ocean Group shares last traded at $6.86, with a volume of 676,861 shares changing hands.

Analyst Ratings Changes

Separately, Jefferies Financial Group restated a “hold” rating and issued a $10.00 price target on shares of Golden Ocean Group in a research report on Wednesday, February 26th.

Golden Ocean Group Stock Performance

The firm has a fifty day simple moving average of $8.76 and a 200 day simple moving average of $9.94. 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 stock has a market cap of $1.45 billion, a price-to-earnings ratio of 5.99 and a beta of 1.10.

Golden Ocean Group Cuts Dividend

The company 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 annualized dividend and a yield of 8.28%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 53.57%.

Institutional Investors Weigh In On Golden Ocean Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Jones Financial Companies Lllp increased its stake in Golden Ocean Group by 683.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 2,391 shares during the period. Sterling Capital Management LLC boosted 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 grew its holdings 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 worth $45,000 after purchasing an additional 3,294 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Golden Ocean Group during the 4th quarter worth about $46,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Golden Ocean Group by 47.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock valued at $47,000 after purchasing an additional 1,694 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.