Shares of Golden Ocean Group Limited (NASDAQ:GOGL – Get Free Report) traded down 3.5% during mid-day trading on Monday . The stock traded as low as $10.35 and last traded at $10.36. 457,693 shares traded hands during trading, a decline of 74% from the average session volume of 1,794,388 shares. The stock had previously closed at $10.74.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on the company. BTIG Research reaffirmed a “neutral” rating on shares of Golden Ocean Group in a research note on Friday, January 5th. StockNews.com assumed coverage on Golden Ocean Group in a research note on Thursday, October 5th. They set a “sell” rating for the company. TheStreet raised Golden Ocean Group from a “c+” rating to a “b-” rating in a research note on Friday, October 6th. Finally, Jefferies Financial Group raised Golden Ocean Group from a “hold” rating to a “buy” rating and boosted their target price for the company from $8.00 to $11.00 in a research note on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $10.50.
Golden Ocean Group Stock Performance
Golden Ocean Group (NASDAQ:GOGL – Get Free Report) last released its earnings results on Tuesday, November 21st. The shipping company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. Golden Ocean Group had a return on equity of 5.55% and a net margin of 13.96%. The company had revenue of $156.58 million during the quarter, compared to analyst estimates of $140.08 million. On average, sell-side analysts anticipate that Golden Ocean Group Limited will post 0.49 earnings per share for the current year.
Golden Ocean Group Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 13th. Investors of record on Wednesday, December 6th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, December 5th. This represents a $0.40 dividend on an annualized basis and a yield of 3.76%. Golden Ocean Group’s dividend payout ratio is presently 65.57%.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the business. Legal & General Group Plc purchased a new position in Golden Ocean Group during the 2nd quarter valued at about $27,000. State of Wyoming increased its holdings in Golden Ocean Group by 52.8% during the 4th quarter. State of Wyoming now owns 3,517 shares of the shipping company’s stock valued at $31,000 after purchasing an additional 1,215 shares during the period. VisionPoint Advisory Group LLC purchased a new position in Golden Ocean Group during the 2nd quarter valued at about $31,000. Blue Trust Inc. purchased a new position in Golden Ocean Group during the 4th quarter valued at about $53,000. Finally, Prelude Capital Management LLC purchased a new position in Golden Ocean Group during the 3rd quarter valued at about $78,000. Hedge funds and other institutional investors own 19.98% 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. It operates dry bulk vessels comprising of Newcastlemax, Capesize, Panamax, and Ultramax vessels in the spot and time charter markets. The company's vessels transport a range of bulk commodities, such as ores, coal, grains, and fertilizers.
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