Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down to $13.41

Golden Ocean Group Limited (NASDAQ:GOGLGet Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $13.41, but opened at $12.79. Golden Ocean Group shares last traded at $12.67, with a volume of 348,668 shares trading hands.

Analysts Set New Price Targets

GOGL has been the subject of a number of analyst reports. Jefferies Financial Group cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating and set a $15.50 target price for the company. in a research note on Wednesday, May 22nd. StockNews.com upgraded shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd.

Read Our Latest Report on GOGL

Golden Ocean Group Price Performance

The stock’s 50 day moving average price is $13.97 and its two-hundred day moving average price is $11.94. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.25 and a quick ratio of 1.25. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 13.63 and a beta of 1.23.

Golden Ocean Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, June 7th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 9.36%. The ex-dividend date of this dividend is Friday, June 7th. Golden Ocean Group’s dividend payout ratio (DPR) is currently 129.03%.

Hedge Funds Weigh In On Golden Ocean Group

A number of institutional investors and hedge funds have recently bought and sold shares of GOGL. Vanguard Group Inc. increased its holdings in Golden Ocean Group by 273.9% in the 1st quarter. Vanguard Group Inc. now owns 5,190,885 shares of the shipping company’s stock valued at $67,274,000 after buying an additional 3,802,652 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Golden Ocean Group by 1,318.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 786,018 shares of the shipping company’s stock valued at $10,187,000 after buying an additional 730,609 shares during the period. Acadian Asset Management LLC bought a new stake in Golden Ocean Group in the 1st quarter valued at $8,927,000. Russell Investments Group Ltd. grew its holdings in shares of Golden Ocean Group by 463.6% in the 1st quarter. Russell Investments Group Ltd. now owns 610,850 shares of the shipping company’s stock worth $7,916,000 after purchasing an additional 502,476 shares during the last quarter. Finally, Folketrygdfondet grew its holdings in shares of Golden Ocean Group by 5.6% in the 4th quarter. Folketrygdfondet now owns 9,402,318 shares of the shipping company’s stock worth $91,767,000 after purchasing an additional 500,000 shares during the last quarter. Institutional investors own 22.00% of the company’s stock.

About Golden Ocean Group

(Get Free Report)

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.

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