Golden Ocean Group (NASDAQ:GOGL) Upgraded at StockNews.com

StockNews.com upgraded shares of Golden Ocean Group (NASDAQ:GOGL) from a sell rating to a hold rating in a research note issued to investors on Thursday morning.

Separately, Jefferies Financial Group lowered shares of Golden Ocean Group from a buy rating to a hold rating and set a $15.50 price target on the stock. in a report on Wednesday, May 22nd.

Golden Ocean Group Price Performance

GOGL stock opened at $14.50 on Thursday. The firm has a market cap of $2.89 billion, a P/E ratio of 15.59 and a beta of 1.32. The company has a quick ratio of 1.05, a current ratio of 1.25 and a debt-to-equity ratio of 0.68. The company’s 50-day moving average price is $13.69 and its two-hundred day moving average price is $11.46. Golden Ocean Group has a 12 month low of $6.89 and a 12 month high of $15.77.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.07. The company had revenue of $196.75 million for the quarter, compared to analyst estimates of $187.19 million. Golden Ocean Group had a net margin of 19.92% and a return on equity of 8.67%. On average, analysts anticipate that Golden Ocean Group will post 1.43 earnings per share for the current fiscal year.

Golden Ocean Group Dividend Announcement

The firm 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. The ex-dividend date is Friday, June 7th. This represents a $1.20 annualized dividend and a yield of 8.28%. Golden Ocean Group’s dividend payout ratio is presently 129.03%.

Institutional Investors Weigh In On Golden Ocean Group

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

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.