Golden Ocean Group Limited (NASDAQ:GOGL) Sees Large Decline in Short Interest

Golden Ocean Group Limited (NASDAQ:GOGL) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 3,010,000 shares, a decline of 15.4% from the September 15th total of 3,560,000 shares. Approximately 2.5% of the company’s shares are short sold. Based on an average daily volume of 1,390,000 shares, the short-interest ratio is currently 2.2 days.

Institutional Investors Weigh In On Golden Ocean Group

Large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in shares of Golden Ocean Group by 1,720.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock valued at $52,000 after buying an additional 3,595 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Golden Ocean Group by 2,319.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 8,791 shares in the last quarter. Fifth Lane Capital LP bought a new stake in Golden Ocean Group during the 1st quarter worth approximately $137,000. Lazard Asset Management LLC acquired a new stake in Golden Ocean Group during the 1st quarter worth approximately $149,000. Finally, Bayesian Capital Management LP bought a new position in Golden Ocean Group in the first quarter valued at approximately $151,000. Institutional investors own 22.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GOGL. Jefferies Financial Group lowered their target price on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a research note on Wednesday, August 28th. StockNews.com downgraded shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th.

Golden Ocean Group Trading Down 0.9 %

Shares of Golden Ocean Group stock traded down $0.10 on Wednesday, hitting $11.28. 1,915,212 shares of the company’s stock traded hands, compared to its average volume of 1,602,492. The firm’s 50-day moving average price is $12.18 and its two-hundred day moving average price is $13.07. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00. The stock has a market capitalization of $2.26 billion, a PE ratio of 10.54 and a beta of 1.17. Golden Ocean Group has a one year low of $7.09 and a one year high of $15.77.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. The business had revenue of $197.35 million during the quarter, compared to the consensus estimate of $187.74 million. On average, research analysts expect that Golden Ocean Group will post 1.35 EPS for the current fiscal year.

Golden Ocean Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Wednesday, September 11th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 10.64%. The ex-dividend date of this dividend was Wednesday, September 11th. Golden Ocean Group’s dividend payout ratio is currently 112.15%.

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.