Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down – Time to Sell?

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $11.83, but opened at $11.18. Golden Ocean Group shares last traded at $11.13, with a volume of 411,485 shares traded.

Analyst Ratings Changes

A number of research firms recently weighed in on GOGL. Jefferies Financial Group dropped their target price on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a research report on Wednesday, August 28th. StockNews.com downgraded Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th. Finally, Pareto Securities restated a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a research report on Thursday.

Golden Ocean Group Stock Down 0.4 %

The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66. The stock has a 50 day simple moving average of $11.86 and a 200 day simple moving average of $12.68. The firm has a market capitalization of $2.23 billion, a PE ratio of 10.41 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. The business had revenue of $197.35 million for the quarter, compared to analysts’ expectations of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. As a group, sell-side analysts forecast that Golden Ocean Group Limited will post 1.18 earnings per share for the current year.

Golden Ocean Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Wednesday, September 11th were paid a $0.30 dividend. The ex-dividend date was Wednesday, September 11th. This represents a $1.20 dividend on an annualized basis and a yield of 10.77%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 112.15%.

Hedge Funds Weigh In On Golden Ocean Group

A number of large investors have recently bought and sold shares of GOGL. Assenagon Asset Management S.A. increased its stake in shares of Golden Ocean Group by 1,372.9% during the second quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock valued at $17,392,000 after buying an additional 1,174,716 shares during the period. Sei Investments Co. purchased a new position in shares of Golden Ocean Group during the first quarter valued at approximately $677,000. Empowered Funds LLC increased its stake in shares of Golden Ocean Group by 5.4% during the third quarter. Empowered Funds LLC now owns 929,764 shares of the shipping company’s stock valued at $12,440,000 after buying an additional 47,302 shares during the period. Vanguard Group Inc. increased its stake in shares of Golden Ocean Group by 273.9% during the first quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock valued at $67,274,000 after buying an additional 3,802,652 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Golden Ocean Group by 10,268.6% during the second quarter. Blue Trust Inc. now owns 19,493 shares of the shipping company’s stock valued at $253,000 after buying an additional 19,305 shares during the period. 22.00% of the stock is owned by hedge funds and other institutional investors.

Golden Ocean Group Company Profile

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.