Golden Ocean Group (NASDAQ:GOGL) Sees Large Volume Increase – Here’s What Happened

Golden Ocean Group Limited (NASDAQ:GOGL) shares saw unusually-high trading volume on Thursday . Approximately 2,950,108 shares changed hands during mid-day trading, an increase of 39% from the previous session’s volume of 2,125,288 shares.The stock last traded at $6.95 and had previously closed at $7.05.

Wall Street Analyst Weigh In

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

Golden Ocean Group Stock Up 7.9 %

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 business has a 50 day moving average of $8.45 and a 200 day moving average of $9.70. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 6.11 and a beta of 1.10.

Golden Ocean Group Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders 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 dividend on an annualized basis and a dividend yield of 8.12%. Golden Ocean Group’s payout ratio is presently 53.57%.

Institutional Trading of Golden Ocean Group

Several institutional investors have recently bought and sold shares of the stock. Encompass Capital Advisors LLC lifted its holdings in shares of Golden Ocean Group by 1,402.3% during 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 acquiring an additional 1,778,571 shares during the period. Mirabella Financial Services LLP grew its stake in Golden Ocean Group by 114.2% during the fourth quarter. Mirabella Financial Services LLP now owns 1,499,244 shares of the shipping company’s stock worth $13,222,000 after buying an additional 799,244 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Golden Ocean Group by 229.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,139,248 shares of the shipping company’s stock valued at $10,208,000 after acquiring an additional 793,470 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Golden Ocean Group by 196.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 961,367 shares of the shipping company’s stock worth $8,614,000 after acquiring an additional 637,103 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Golden Ocean Group by 2,893.9% during the 4th quarter. Victory Capital Management Inc. now owns 414,121 shares of the shipping company’s stock worth $3,711,000 after acquiring an additional 400,289 shares during the last quarter. Institutional investors and hedge funds 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.