Jefferies Financial Group Cuts Golden Ocean Group (NASDAQ:GOGL) Price Target to $12.00

Golden Ocean Group (NASDAQ:GOGL) had its price objective reduced by Jefferies Financial Group from $12.50 to $12.00 in a research report sent to investors on Wednesday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the shipping company’s stock.

Other analysts have also issued research reports about the company. Pareto Securities reiterated a “hold” rating and set a $12.50 target price on shares of Golden Ocean Group in a report on Thursday, November 21st. StockNews.com lowered Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th.

Golden Ocean Group Price Performance

Shares of GOGL opened at $10.00 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. Golden Ocean Group has a twelve month low of $8.42 and a twelve month high of $15.77. The stock has a market capitalization of $2.00 billion, a P/E ratio of 8.26 and a beta of 1.20. The company has a 50 day moving average of $11.69 and a 200-day moving average of $12.53.

Golden Ocean Group (NASDAQ:GOGL) last released its earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. Golden Ocean Group had a net margin of 23.89% and a return on equity of 13.14%. The business had revenue of $197.35 million during the quarter, compared to the consensus estimate of $187.74 million. As a group, equities research analysts forecast that Golden Ocean Group will post 1.18 EPS for the current fiscal year.

Golden Ocean Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 9th will be issued a $0.30 dividend. The ex-dividend date is Monday, December 9th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 12.00%. Golden Ocean Group’s payout ratio is 99.17%.

Hedge Funds Weigh In On Golden Ocean Group

A number of hedge funds and other institutional investors have recently bought and sold shares of GOGL. SummerHaven Investment Management LLC lifted its position in shares of Golden Ocean Group by 1.1% in the second quarter. SummerHaven Investment Management LLC now owns 95,615 shares of the shipping company’s stock valued at $1,319,000 after buying an additional 1,042 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Golden Ocean Group by 3.1% during the second quarter. The Manufacturers Life Insurance Company now owns 43,840 shares of the shipping company’s stock worth $605,000 after purchasing an additional 1,300 shares during the period. Onyx Bridge Wealth Group LLC boosted its position in Golden Ocean Group by 6.4% during the third quarter. Onyx Bridge Wealth Group LLC now owns 31,776 shares of the shipping company’s stock worth $425,000 after purchasing an additional 1,917 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Golden Ocean Group in the third quarter valued at $28,000. Finally, Sei Investments Co. raised its position in shares of Golden Ocean Group by 4.1% in the second quarter. Sei Investments Co. now owns 54,404 shares of the shipping company’s stock valued at $751,000 after purchasing an additional 2,144 shares during the period. Institutional investors 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.