Golden Ocean Group Limited (NASDAQ:GOGL) Plans $0.30 Quarterly Dividend

Golden Ocean Group Limited (NASDAQ:GOGL) announced a quarterly dividend on Wednesday, August 28th, Zacks reports. Investors of record on Wednesday, September 11th will be given a dividend of 0.30 per share by the shipping company on Friday, September 20th. This represents a $1.20 dividend on an annualized basis and a yield of 9.75%. The ex-dividend date is Wednesday, September 11th.

Golden Ocean Group has raised its dividend by an average of 115.4% annually over the last three years. Golden Ocean Group has a dividend payout ratio of 74.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Golden Ocean Group to earn $1.75 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 68.6%.

Golden Ocean Group Trading Up 1.8 %

GOGL stock traded up $0.22 during mid-day trading on Thursday, reaching $12.31. 1,172,949 shares of the stock traded hands, compared to its average volume of 1,627,823. The stock has a market capitalization of $2.46 billion, a PE ratio of 13.22 and a beta of 1.16. The business has a 50-day moving average price of $12.78 and a two-hundred day moving average price of $13.12. Golden Ocean Group has a one year low of $7.09 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.25 and a current ratio of 1.25.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.28 by $0.04. Golden Ocean Group had a return on equity of 8.67% and a net margin of 19.92%. The firm had revenue of $197.35 million during the quarter, compared to analyst estimates of $187.74 million. Equities research analysts expect that Golden Ocean Group will post 1.43 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. StockNews.com lowered Golden Ocean Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Jefferies Financial Group reduced their target price on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a research report on Wednesday.

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.