Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up – What’s Next?

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) gapped up prior to trading on Friday . The stock had previously closed at $8.99, but opened at $9.49. Golden Ocean Group shares last traded at $9.43, with a volume of 688,062 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group reduced their target price on shares of Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. StockNews.com cut Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th. Finally, Pareto Securities reissued a “hold” rating and set a $12.50 price target on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Stock Up 4.9 %

The firm’s fifty day moving average is $10.06 and its 200-day moving average is $11.54. The company has a market capitalization of $1.89 billion, a P/E ratio of 7.79 and a beta of 1.18. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22.

Golden Ocean Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 9th were issued a $0.30 dividend. The ex-dividend date was Monday, December 9th. This represents a $1.20 dividend on an annualized basis and a yield of 12.73%. Golden Ocean Group’s dividend payout ratio (DPR) is presently 99.17%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position in Golden Ocean Group by 31.7% during the third quarter. JPMorgan Chase & Co. now owns 444,453 shares of the shipping company’s stock valued at $5,947,000 after acquiring an additional 106,966 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Golden Ocean Group during the third quarter valued at about $1,543,000. Two Sigma Advisers LP raised its stake in Golden Ocean Group by 6.9% during the 3rd quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company’s stock worth $36,817,000 after buying an additional 177,100 shares during the period. Quadrature Capital Ltd lifted its holdings in shares of Golden Ocean Group by 8.4% in the 3rd quarter. Quadrature Capital Ltd now owns 66,760 shares of the shipping company’s stock worth $894,000 after purchasing an additional 5,180 shares in the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of Golden Ocean Group by 96.3% during the third quarter. Quantinno Capital Management LP now owns 19,740 shares of the shipping company’s stock valued at $264,000 after buying an additional 9,684 shares during the last quarter. 22.00% of the stock is owned by institutional investors and hedge funds.

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.