Golden Ocean Group (NASDAQ:GOGL) Reaches New 52-Week Low – What’s Next?

Golden Ocean Group Limited (NASDAQ:GOGL) shares hit a new 52-week low on Saturday . The company traded as low as $6.37 and last traded at $6.48, with a volume of 12278076 shares changing hands. The stock had previously closed at $8.08.

Analysts Set New Price Targets

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

Golden Ocean Group Price Performance

The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22. 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 market capitalization of $1.30 billion, a PE ratio of 5.36 and a beta of 1.10.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors 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 annualized dividend and a dividend yield of 9.26%. Golden Ocean Group’s payout ratio is currently 53.57%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its holdings 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. Sterling Capital Management LLC increased its holdings in Golden Ocean Group by 830.1% during the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock valued at $35,000 after buying an additional 3,478 shares during the period. Quarry LP raised its stake in Golden Ocean Group by 195.3% in the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock worth $45,000 after buying an additional 3,294 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Golden Ocean Group in the fourth quarter worth approximately $46,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Golden Ocean Group by 47.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock worth $47,000 after buying an additional 1,694 shares during the period. 22.00% of the stock is currently owned by institutional investors.

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.