Golden Ocean Group (NASDAQ:GOGL) Sets New 1-Year Low – Time to Sell?

Golden Ocean Group Limited (NASDAQ:GOGL) hit a new 52-week low during trading on Thursday . The company traded as low as $8.38 and last traded at $8.41, with a volume of 21716490 shares traded. The stock had previously closed at $10.06.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on GOGL shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $10.00 price target on shares of Golden Ocean Group in a research note on Wednesday, February 26th. Pareto Securities restated a “hold” rating and set a $12.50 price objective on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Stock Down 16.4 %

The firm’s fifty day moving average is $9.21 and its 200-day moving average is $10.56. The company has a market capitalization of $1.68 billion, a P/E ratio of 6.95 and a beta of 1.16. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Tuesday, March 11th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a yield of 7.13%. Golden Ocean Group’s dividend payout ratio is currently 53.57%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. grew its stake in shares of Golden Ocean Group by 74.2% in the fourth quarter. Jefferies Financial Group Inc. now owns 34,074 shares of the shipping company’s stock worth $305,000 after purchasing an additional 14,518 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Golden Ocean Group by 3.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 119,597 shares of the shipping company’s stock valued at $1,062,000 after purchasing an additional 4,198 shares during the period. PharVision Advisers LLC bought a new position in Golden Ocean Group during the 4th quarter worth approximately $189,000. Voloridge Investment Management LLC lifted its position in shares of Golden Ocean Group by 6.8% in the 4th quarter. Voloridge Investment Management LLC now owns 1,495,472 shares of the shipping company’s stock worth $13,399,000 after purchasing an additional 95,164 shares during the period. Finally, Squarepoint Ops LLC boosted its stake in shares of Golden Ocean Group by 155.8% in the 4th quarter. Squarepoint Ops LLC now owns 56,864 shares of the shipping company’s stock valued at $510,000 after purchasing an additional 34,636 shares during the last quarter. 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.