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

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) gapped down prior to trading on Wednesday . The stock had previously closed at $10.06, but opened at $9.35. Golden Ocean Group shares last traded at $8.87, with a volume of 4,487,398 shares traded.

Wall Street Analyst Weigh In

Several analysts have weighed in on GOGL shares. 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. Pareto Securities reiterated a “hold” rating and issued a $12.50 target price on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Trading Up 3.7 %

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22. The stock has a market cap of $1.74 billion, a PE ratio of 7.21 and a beta of 1.16. The company’s fifty day moving average is $9.20 and its 200-day moving average is $10.55.

Golden Ocean Group Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th will be paid a $0.15 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.88%. Golden Ocean Group’s payout ratio is 53.57%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Golden Ocean Group by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,798,672 shares of the shipping company’s stock worth $50,978,000 after purchasing an additional 71,918 shares during the period. Two Sigma Advisers LP grew its position in 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 valued at $36,817,000 after buying an additional 177,100 shares during the period. Encompass Capital Advisors LLC increased its holdings in Golden Ocean Group by 1,402.3% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company’s stock valued at $17,072,000 after buying an additional 1,778,571 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Golden Ocean Group by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,663,334 shares of the shipping company’s stock worth $14,903,000 after acquiring an additional 9,041 shares during the period. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Golden Ocean Group by 2.1% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,651,405 shares of the shipping company’s stock worth $14,797,000 after acquiring an additional 33,241 shares in the last quarter. 22.00% of the stock is owned by institutional investors and hedge funds.

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.