Golden Ocean Group (NASDAQ:GOGL) Hits New 12-Month High at $14.49

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $14.49 and last traded at $14.42, with a volume of 165023 shares trading hands. The stock had previously closed at $14.13.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. StockNews.com upgraded Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. BTIG Research restated a “neutral” rating on shares of Golden Ocean Group in a report on Friday, January 5th. Finally, Jefferies Financial Group restated a “buy” rating and set a $15.00 price target on shares of Golden Ocean Group in a report on Wednesday, February 28th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.50.

Golden Ocean Group Stock Performance

The company has a market capitalization of $2.95 billion, a P/E ratio of 26.41 and a beta of 1.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 1.05. The company has a fifty day moving average price of $13.08 and a two-hundred day moving average price of $10.61.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.07. The company had revenue of $196.75 million for the quarter, compared to analysts’ expectations of $187.19 million. Golden Ocean Group had a return on equity of 5.91% and a net margin of 12.68%. Equities analysts forecast that Golden Ocean Group Limited will post 1.52 earnings per share for the current fiscal year.

Golden Ocean Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were paid a $0.30 dividend. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.11%. The ex-dividend date of this dividend was Tuesday, March 12th. Golden Ocean Group’s payout ratio is currently 214.29%.

Institutional Investors Weigh In On Golden Ocean Group

Several large investors have recently modified their holdings of GOGL. VisionPoint Advisory Group LLC bought a new stake in Golden Ocean Group during the fourth quarter valued at $41,000. Blue Trust Inc. bought a new stake in Golden Ocean Group in the fourth quarter worth approximately $53,000. Vanguard Personalized Indexing Management LLC lifted its stake in Golden Ocean Group by 39.9% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 16,405 shares of the shipping company’s stock valued at $129,000 after buying an additional 4,678 shares during the period. Fifth Lane Capital LP bought a new position in shares of Golden Ocean Group during the 1st quarter worth approximately $137,000. Finally, Commonwealth Equity Services LLC grew its position in shares of Golden Ocean Group by 64.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,626 shares of the shipping company’s stock worth $139,000 after buying an additional 6,884 shares during the period. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.