Golden Ocean Group (NASDAQ:GOGL) Stock Price Passes Above 200 Day Moving Average of $9.60

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $9.60 and traded as high as $12.79. Golden Ocean Group shares last traded at $12.78, with a volume of 1,180,855 shares traded.

Wall Street Analyst Weigh In

GOGL has been the subject of a number of recent analyst reports. BTIG Research reaffirmed a “neutral” rating on shares of Golden Ocean Group in a report on Friday, January 5th. StockNews.com raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 price target on shares of Golden Ocean Group in a report on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.50.

Golden Ocean Group Stock Performance

The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 22.82 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.05 and a current ratio of 1.23. The company’s 50 day simple moving average is $11.74 and its 200 day simple moving average is $9.60.

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

Golden Ocean Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were issued a dividend of $0.30 per share. This is a boost from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a dividend yield of 9.39%. The ex-dividend date of this dividend was Tuesday, March 12th. Golden Ocean Group’s dividend payout ratio (DPR) is currently 214.29%.

Institutional Trading of Golden Ocean Group

Institutional investors have recently made changes to their positions in the stock. SummerHaven Investment Management LLC raised its position in shares of Golden Ocean Group by 1.3% in the fourth quarter. SummerHaven Investment Management LLC now owns 93,662 shares of the shipping company’s stock valued at $914,000 after purchasing an additional 1,192 shares during the period. State of Wyoming boosted its stake in Golden Ocean Group by 52.8% during the fourth quarter. State of Wyoming now owns 3,517 shares of the shipping company’s stock worth $31,000 after buying an additional 1,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Golden Ocean Group by 7.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,729 shares of the shipping company’s stock worth $178,000 after buying an additional 1,355 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Golden Ocean Group by 3.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 43,840 shares of the shipping company’s stock valued at $345,000 after purchasing an additional 1,395 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Golden Ocean Group by 10.9% in the 2nd quarter. ProShare Advisors LLC now owns 16,018 shares of the shipping company’s stock valued at $121,000 after purchasing an additional 1,568 shares in the last quarter. 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. It operates dry bulk vessels comprising of Newcastlemax, Capesize, Panamax, and Ultramax vessels in the spot and time charter markets. The company's vessels transport a range of bulk commodities, such as ores, coal, grains, and fertilizers.