Golden Ocean Group (NASDAQ:GOGL) Upgraded to “Hold” by StockNews.com

StockNews.com upgraded shares of Golden Ocean Group (NASDAQ:GOGLFree Report) from a sell rating to a hold rating in a research note issued to investors on Monday.

Several other research analysts also recently commented on GOGL. Jefferies Financial Group reissued a buy rating and set a $15.00 price objective on shares of Golden Ocean Group in a report on Wednesday, February 28th. BTIG Research reissued a neutral rating on shares of Golden Ocean Group in a report on Friday, January 5th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $12.50.

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Golden Ocean Group Trading Down 1.8 %

Shares of Golden Ocean Group stock opened at $13.01 on Monday. The company has a market capitalization of $2.61 billion, a P/E ratio of 23.23 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.08 and a current ratio of 1.23. The company has a fifty day moving average of $10.71 and a 200 day moving average of $8.95. Golden Ocean Group has a fifty-two week low of $6.89 and a fifty-two week high of $13.41.

Golden Ocean Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 25th. Shareholders of record on Wednesday, March 13th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, March 12th. This represents a $1.20 dividend on an annualized basis and a yield of 9.22%. This is a boost from Golden Ocean Group’s previous quarterly dividend of $0.10. Golden Ocean Group’s payout ratio is currently 71.43%.

Hedge Funds Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Legal & General Group Plc purchased a new position in Golden Ocean Group in the second quarter worth approximately $27,000. State of Wyoming increased its holdings in shares of Golden Ocean Group by 52.8% in the 4th quarter. State of Wyoming now owns 3,517 shares of the shipping company’s stock valued at $31,000 after acquiring an additional 1,215 shares during the period. US Bancorp DE acquired a new position in Golden Ocean Group in the 4th quarter valued at $35,000. VisionPoint Advisory Group LLC acquired a new position in shares of Golden Ocean Group during the 2nd quarter worth $31,000. Finally, Blue Trust Inc. acquired a new position in shares of Golden Ocean Group during the 4th quarter worth $53,000. Institutional investors and hedge funds own 19.98% of the company’s stock.

About Golden Ocean Group

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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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