Golden Ocean Group (NASDAQ:GOGL) Given Hold Rating at Pareto Securities

Pareto Securities reiterated their hold rating on shares of Golden Ocean Group (NASDAQ:GOGL) in a research report sent to investors on Thursday morning,Benzinga reports. Pareto Securities currently has a $12.50 price objective on the shipping company’s stock.

Several other research firms also recently issued reports on GOGL. StockNews.com downgraded Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th. Jefferies Financial Group decreased their target price on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a research report on Wednesday, August 28th.

Golden Ocean Group Stock Performance

Shares of NASDAQ:GOGL opened at $11.19 on Thursday. The company has a market cap of $2.24 billion, a P/E ratio of 10.45 and a beta of 1.20. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.00 and a current ratio of 1.17. Golden Ocean Group has a one year low of $8.42 and a one year high of $15.77. The business’s 50-day simple moving average is $11.87 and its 200 day simple moving average is $12.70.

Golden Ocean Group (NASDAQ:GOGL) last announced its earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.28 by $0.04. The business had revenue of $197.35 million for the quarter, compared to the consensus estimate of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. On average, sell-side analysts forecast that Golden Ocean Group will post 1.18 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 Friday, September 20th. Investors of record on Wednesday, September 11th were given a dividend of $0.30 per share. The ex-dividend date was Wednesday, September 11th. This represents a $1.20 dividend on an annualized basis and a yield of 10.73%. Golden Ocean Group’s dividend payout ratio is currently 112.15%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. boosted its position in Golden Ocean Group by 1,372.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,260,278 shares of the shipping company’s stock worth $17,392,000 after acquiring an additional 1,174,716 shares during the period. Sei Investments Co. acquired a new position in Golden Ocean Group during the 1st quarter worth $677,000. Empowered Funds LLC raised its stake in shares of Golden Ocean Group by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 929,764 shares of the shipping company’s stock worth $12,440,000 after buying an additional 47,302 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of 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 worth $67,274,000 after buying an additional 3,802,652 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Golden Ocean Group by 10,268.6% in the 2nd quarter. Blue Trust Inc. now owns 19,493 shares of the shipping company’s stock worth $253,000 after buying an additional 19,305 shares in the last quarter. Institutional investors and hedge funds own 22.00% of the company’s stock.

Golden Ocean Group Company Profile

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.