Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down – Here’s Why

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price gapped down prior to trading on Friday . The stock had previously closed at $8.99, but opened at $8.81. Golden Ocean Group shares last traded at $8.94, with a volume of 378,204 shares trading hands.

Analyst Ratings Changes

GOGL has been the subject of several research analyst reports. StockNews.com cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th. Jefferies Financial Group dropped their price objective on Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Finally, Pareto Securities reissued a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a report on Thursday, November 21st.

Golden Ocean Group Stock Down 1.2 %

The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 7.34 and a beta of 1.18. The firm’s 50 day moving average price is $9.92 and its two-hundred day moving average price is $11.40. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22.

Golden Ocean Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 9th were paid a $0.30 dividend. The ex-dividend date was Monday, December 9th. This represents a $1.20 annualized dividend and a dividend yield of 13.51%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 99.17%.

Institutional Investors Weigh In On Golden Ocean Group

Large investors have recently modified their holdings of the stock. Marshall Wace LLP grew its position in Golden Ocean Group by 96.9% in the 2nd quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock valued at $21,491,000 after buying an additional 766,436 shares during the last quarter. Mirabella Financial Services LLP purchased a new position in Golden Ocean Group during the 3rd quarter worth $9,360,000. Assenagon Asset Management S.A. lifted its stake in shares of Golden Ocean Group by 196.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 961,367 shares of the shipping company’s stock worth $8,614,000 after acquiring an additional 637,103 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of Golden Ocean Group by 55.5% in the second quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock valued at $16,219,000 after acquiring an additional 417,539 shares in the last quarter. Finally, Two Sigma Advisers LP increased its stake in shares of Golden Ocean Group by 6.9% during the third quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company’s stock worth $36,817,000 after acquiring an additional 177,100 shares during the period. Hedge funds and other institutional investors own 22.00% of the company’s stock.

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.