Golden Ocean Group (NASDAQ:GOGL) Trading 3.9% Higher – Here’s What Happened

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) rose 3.9% on Friday . The stock traded as high as $8.48 and last traded at $8.46. Approximately 1,587,754 shares traded hands during trading, a decline of 15% from the average daily volume of 1,860,562 shares. The stock had previously closed at $8.14.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reissued a “hold” rating and issued a $10.00 price objective on shares of Golden Ocean Group in a report on Wednesday, February 26th.

Golden Ocean Group Stock Up 2.7 %

The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $1.67 billion, a PE ratio of 6.91 and a beta of 1.14. The firm has a 50-day moving average of $8.86 and a two-hundred day moving average of $10.09.

Golden Ocean Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 11th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.60 annualized dividend and a yield of 7.18%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 53.57%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Point72 Hong Kong Ltd acquired a new position in shares of Golden Ocean Group in the 3rd quarter worth approximately $28,000. Jones Financial Companies Lllp boosted its position in shares of Golden Ocean Group by 683.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock worth $25,000 after buying an additional 2,391 shares during the period. Sterling Capital Management LLC grew its stake in shares of Golden Ocean Group by 830.1% in the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock valued at $35,000 after buying an additional 3,478 shares in the last quarter. Quarry LP raised its holdings in shares of Golden Ocean Group by 195.3% in the 4th quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock valued at $45,000 after buying an additional 3,294 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new position in Golden Ocean Group during the 4th quarter worth about $46,000. Hedge funds and other institutional investors own 22.00% of the company’s stock.

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.