StockNews.com Downgrades Golden Ocean Group (NASDAQ:GOGL) to Sell

StockNews.com lowered shares of Golden Ocean Group (NASDAQ:GOGL) from a hold rating to a sell rating in a research report released on Wednesday.

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 Trading Down 0.2 %

Shares of NASDAQ:GOGL opened at $12.04 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $2.40 billion, a PE ratio of 12.95 and a beta of 1.16. Golden Ocean Group has a 12-month low of $6.89 and a 12-month high of $15.77. The business’s fifty day simple moving average is $12.91 and its 200-day simple moving average is $13.04.

Golden Ocean Group (NASDAQ:GOGL) last announced its earnings results on Wednesday, May 22nd. The shipping company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. Golden Ocean Group had a net margin of 19.92% and a return on equity of 8.67%. The business had revenue of $196.70 million during the quarter. As a group, equities research analysts predict that Golden Ocean Group will post 1.43 earnings per share for the current fiscal year.

Golden Ocean Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, June 7th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 9.97%. The ex-dividend date was Friday, June 7th. Golden Ocean Group’s payout ratio is currently 129.03%.

Institutional Trading of Golden Ocean Group

Several large investors have recently bought and sold shares of GOGL. Susquehanna Fundamental Investments LLC grew its holdings in shares of Golden Ocean Group by 129.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 138,193 shares of the shipping company’s stock valued at $1,907,000 after buying an additional 77,971 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Golden Ocean Group by 3.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,840 shares of the shipping company’s stock valued at $605,000 after purchasing an additional 1,300 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Golden Ocean Group in the second quarter valued at about $1,746,000. Marshall Wace LLP raised its stake in shares of Golden Ocean Group by 96.9% in the second quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock worth $21,491,000 after purchasing an additional 766,436 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Golden Ocean Group by 2,319.5% in the second quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock valued at $127,000 after buying an additional 8,791 shares during the last quarter. Hedge funds and other institutional investors 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.