Golden Ocean Group (NASDAQ:GOGL) Sets New 12-Month Low – Here’s What Happened

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price hit a new 52-week low on Wednesday . The stock traded as low as $7.62 and last traded at $7.78, with a volume of 7174965 shares trading hands. The stock had previously closed at $8.23.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Jefferies Financial Group reiterated a “hold” rating and set a $10.00 price target on shares of Golden Ocean Group in a research note on Wednesday, February 26th. Pareto Securities reiterated a “hold” rating and set a $12.50 target price on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Trading Down 5.5 %

The company has a market cap of $1.56 billion, a price-to-earnings ratio of 6.43 and a beta of 1.14. The business has a fifty day simple moving average of $9.17 and a 200 day simple moving average of $10.44. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65.

Golden Ocean Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Tuesday, March 11th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 7.71%. The ex-dividend date is Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio (DPR) is 53.57%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GOGL. Vanguard Group Inc. boosted its stake in shares of Golden Ocean Group by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,798,672 shares of the shipping company’s stock worth $50,978,000 after acquiring an additional 71,918 shares in the last quarter. Two Sigma Advisers LP boosted its position in Golden Ocean Group by 6.9% during the third quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company’s stock worth $36,817,000 after purchasing an additional 177,100 shares in the last quarter. Encompass Capital Advisors LLC boosted its position in Golden Ocean Group by 1,402.3% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company’s stock worth $17,072,000 after purchasing an additional 1,778,571 shares in the last quarter. Geode Capital Management LLC grew its holdings in Golden Ocean Group by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,663,334 shares of the shipping company’s stock valued at $14,903,000 after purchasing an additional 9,041 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its position in shares of Golden Ocean Group by 2.1% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,651,405 shares of the shipping company’s stock valued at $14,797,000 after buying an additional 33,241 shares in the last quarter. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.