Stock Traders Purchase High Volume of Golden Ocean Group Call Options (NASDAQ:GOGL)

Golden Ocean Group Limited (NASDAQ:GOGL) was the target of some unusual options trading activity on Thursday. Traders purchased 8,524 call options on the stock. This is an increase of approximately 382% compared to the typical volume of 1,770 call options.

Institutional Investors Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new position in shares of Golden Ocean Group in the third quarter valued at approximately $28,000. Jones Financial Companies Lllp grew its stake in 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 during the period. Sterling Capital Management LLC increased its position in shares of Golden Ocean Group by 830.1% during 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 during the last quarter. Quarry LP raised its stake in shares of Golden Ocean Group by 195.3% during 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 period. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Golden Ocean Group in the 4th quarter worth about $46,000. Hedge funds and other institutional investors own 22.00% of the company’s stock.

Golden Ocean Group Price Performance

Shares of NASDAQ:GOGL opened at $7.97 on Friday. Golden Ocean Group has a 1-year low of $7.49 and a 1-year high of $15.77. 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 $1.59 billion, a PE ratio of 6.59 and a beta of 1.14. The stock’s fifty day simple moving average is $9.00 and its two-hundred day simple moving average is $10.25.

Golden Ocean Group Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Tuesday, March 11th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 7.53%. The ex-dividend date of this dividend is Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio (DPR) is presently 53.57%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GOGL. Pareto Securities restated a “hold” rating and set a $12.50 price objective on shares of Golden Ocean Group in a report on Thursday, November 21st. Jefferies Financial Group reiterated a “hold” rating and set a $10.00 price target on shares of Golden Ocean Group in a research note on Wednesday, February 26th.

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.