StockNews.com Lowers Golden Ocean Group (NASDAQ:GOGL) to Hold

StockNews.com downgraded shares of Golden Ocean Group (NASDAQ:GOGL) from a buy rating to a hold rating in a report released on Saturday morning.

Separately, Jefferies Financial Group cut their price target on Golden Ocean Group from $15.50 to $14.50 and set a hold rating on the stock in a research report on Wednesday, August 28th.

Golden Ocean Group Trading Down 2.7 %

NASDAQ GOGL opened at $12.58 on Friday. The firm’s fifty day moving average price is $12.15 and its 200 day moving average price is $13.11. Golden Ocean Group has a 12 month low of $7.09 and a 12 month high of $15.77. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 13.53 and a beta of 1.17.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.04. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. The company had revenue of $197.35 million for the quarter, compared to analyst estimates of $187.74 million. On average, sell-side analysts expect that Golden Ocean Group will post 1.35 earnings per share for the current fiscal year.

Golden Ocean Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Wednesday, September 11th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 9.54%. The ex-dividend date of this dividend was Wednesday, September 11th. Golden Ocean Group’s payout ratio is currently 129.03%.

Hedge Funds Weigh In On Golden Ocean Group

A number of hedge funds and other institutional investors have recently made changes to their positions in GOGL. Assenagon Asset Management S.A. lifted 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. BNP Paribas Financial Markets grew its position in Golden Ocean Group by 406.0% in the 1st quarter. BNP Paribas Financial Markets now owns 156,392 shares of the shipping company’s stock valued at $2,027,000 after buying an additional 125,484 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Golden Ocean Group by 463.6% in the 1st quarter. Russell Investments Group Ltd. now owns 610,850 shares of the shipping company’s stock valued at $7,916,000 after buying an additional 502,476 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Golden Ocean Group by 1,318.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 786,018 shares of the shipping company’s stock worth $10,187,000 after buying an additional 730,609 shares during the last quarter. Finally, Sei Investments Co. purchased a new position in Golden Ocean Group during the 1st quarter worth $677,000. Hedge funds and other institutional investors 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.