Golden Ocean Group (NASDAQ:GOGL) Sees Large Volume Increase – Here’s What Happened

Golden Ocean Group Limited (NASDAQ:GOGL) shares saw unusually-high trading volume on Tuesday . Approximately 2,296,619 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 2,346,442 shares.The stock last traded at $9.65 and had previously closed at $9.75.

Analysts Set New Price Targets

GOGL has been the subject of several recent analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $10.00 price objective on shares of Golden Ocean Group in a research report on Wednesday, February 26th. Pareto Securities reaffirmed a “hold” rating and set a $12.50 price objective on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Trading Up 3.8 %

The firm has a market capitalization of $2.03 billion, a PE ratio of 8.38 and a beta of 1.16. The company’s 50-day moving average price is $9.20 and its 200-day moving average price is $10.59. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22.

Golden Ocean Group Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Tuesday, March 11th will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a yield of 5.93%. Golden Ocean Group’s dividend payout ratio (DPR) is presently 53.57%.

Institutional Investors Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Hong Kong Ltd purchased a new stake in Golden Ocean Group in the 3rd quarter valued at $28,000. Jones Financial Companies Lllp raised its holdings in shares of Golden Ocean Group by 683.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock valued at $25,000 after buying an additional 2,391 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of Golden Ocean Group by 830.1% during the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock worth $35,000 after buying an additional 3,478 shares during the period. Quarry LP boosted its stake in shares of Golden Ocean Group by 195.3% during the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock worth $45,000 after buying an additional 3,294 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Golden Ocean Group during the fourth quarter worth about $46,000. 22.00% of the stock is owned by hedge funds and other institutional investors.

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.