Jefferies Financial Group Issues Pessimistic Forecast for Golden Ocean Group (NASDAQ:GOGL) Stock Price

Golden Ocean Group (NASDAQ:GOGL) had its price objective cut by Jefferies Financial Group from $12.50 to $12.00 in a report issued on Wednesday,Benzinga reports. They currently have a hold rating on the shipping company’s stock.

A number of other research firms have also recently issued reports on GOGL. StockNews.com cut Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th. Pareto Securities reaffirmed a “hold” rating and set a $12.50 price objective on shares of Golden Ocean Group in a report on Thursday, November 21st.

Golden Ocean Group Stock Performance

GOGL opened at $10.00 on Wednesday. The stock has a 50-day moving average of $11.69 and a 200-day moving average of $12.51. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.00 and a current ratio of 1.17. Golden Ocean Group has a 52-week low of $8.42 and a 52-week high of $15.77. The company has a market cap of $2.00 billion, a PE ratio of 8.26 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.04. Golden Ocean Group had a return on equity of 13.14% and a net margin of 23.89%. The company had revenue of $197.35 million for the quarter, compared to the consensus estimate of $187.74 million. As a group, equities research analysts forecast that Golden Ocean Group will post 1.18 earnings per share for the current fiscal year.

Golden Ocean Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 9th will be paid a $0.30 dividend. The ex-dividend date is Monday, December 9th. This represents a $1.20 annualized dividend and a dividend yield of 12.00%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 99.17%.

Hedge Funds Weigh In On Golden Ocean Group

Several large investors have recently made changes to their positions in GOGL. Point72 Hong Kong Ltd bought a new position in shares of Golden Ocean Group in the 3rd quarter valued at about $28,000. Nisa Investment Advisors LLC raised its position in shares of Golden Ocean Group by 1,720.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock valued at $52,000 after acquiring an additional 3,595 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Golden Ocean Group by 2,319.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock worth $127,000 after purchasing an additional 8,791 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Golden Ocean Group in the 1st quarter worth $149,000. Finally, Bayesian Capital Management LP bought a new stake in Golden Ocean Group in the first quarter valued at about $151,000. Institutional investors and hedge funds own 22.00% of the company’s stock.

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.