Golden Ocean Group (NASDAQ:GOGL) Sets New 52-Week Low – Here’s Why

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) hit a new 52-week low on Monday . The company traded as low as $9.00 and last traded at $9.00, with a volume of 33489 shares trading hands. The stock had previously closed at $9.11.

Wall Street Analyst Weigh In

GOGL has been the topic of several research reports. Pareto Securities reiterated a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a report on Thursday, November 21st. Jefferies Financial Group decreased their target price on shares of Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Finally, StockNews.com downgraded Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th.

Golden Ocean Group Price Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22. The stock’s fifty day moving average is $10.84 and its 200-day moving average is $12.05. The stock has a market capitalization of $1.77 billion, a PE ratio of 7.31 and a beta of 1.16.

Golden Ocean Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 9th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 13.56%. The ex-dividend date of this dividend is Monday, December 9th. Golden Ocean Group’s payout ratio is 99.17%.

Institutional Trading of Golden Ocean Group

Several institutional investors have recently modified their holdings of GOGL. Two Sigma Advisers LP boosted its holdings in Golden Ocean Group by 6.9% in the 3rd quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company’s stock worth $36,817,000 after buying an additional 177,100 shares during the last quarter. Marshall Wace LLP raised its stake in Golden Ocean Group by 96.9% in the 2nd quarter. Marshall Wace LLP now owns 1,557,288 shares of the shipping company’s stock valued at $21,491,000 after purchasing an additional 766,436 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Golden Ocean Group by 55.5% in the 2nd quarter. Hsbc Holdings PLC now owns 1,169,814 shares of the shipping company’s stock valued at $16,219,000 after purchasing an additional 417,539 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Golden Ocean Group by 42.7% during the 2nd quarter. Acadian Asset Management LLC now owns 991,898 shares of the shipping company’s stock worth $13,683,000 after purchasing an additional 296,842 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in Golden Ocean Group by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 929,764 shares of the shipping company’s stock valued at $12,440,000 after acquiring an additional 47,302 shares in the last quarter. Institutional investors and hedge funds 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.