Golden Ocean Group (NASDAQ:GOGL) Sets New 12-Month High at $14.06

Golden Ocean Group Limited (NASDAQ:GOGL) hit a new 52-week high during trading on Friday . The company traded as high as $14.06 and last traded at $14.02, with a volume of 224040 shares trading hands. The stock had previously closed at $13.82.

Wall Street Analyst Weigh In

GOGL has been the topic of a number of recent research reports. BTIG Research reiterated a “neutral” rating on shares of Golden Ocean Group in a research note on Friday, January 5th. StockNews.com upgraded shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $15.00 price target on shares of Golden Ocean Group in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.50.

Golden Ocean Group Price Performance

The company’s 50 day moving average price is $12.77 and its 200 day moving average price is $10.39. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.05 and a current ratio of 1.23. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 25.02 and a beta of 1.39.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.07. The firm had revenue of $196.75 million for the quarter, compared to analyst estimates of $187.19 million. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. On average, equities research analysts predict that Golden Ocean Group Limited will post 1.52 earnings per share for the current fiscal year.

Golden Ocean Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were paid a dividend of $0.30 per share. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $1.20 annualized dividend and a yield of 8.53%. Golden Ocean Group’s dividend payout ratio (DPR) is presently 214.29%.

Institutional Trading of Golden Ocean Group

Large investors have recently made changes to their positions in the company. Folketrygdfondet grew its stake in Golden Ocean Group by 5.6% in the fourth quarter. Folketrygdfondet now owns 9,402,318 shares of the shipping company’s stock valued at $91,767,000 after acquiring an additional 500,000 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Golden Ocean Group by 15.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,151,274 shares of the shipping company’s stock valued at $11,236,000 after purchasing an additional 155,425 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Golden Ocean Group by 108.5% during the 4th quarter. Hsbc Holdings PLC now owns 712,829 shares of the shipping company’s stock valued at $6,928,000 after purchasing an additional 370,918 shares in the last quarter. Hosking Partners LLP grew its position in shares of Golden Ocean Group by 20.1% in the 3rd quarter. Hosking Partners LLP now owns 707,321 shares of the shipping company’s stock valued at $5,574,000 after purchasing an additional 118,173 shares during the period. Finally, Denali Advisors LLC bought a new stake in Golden Ocean Group during the 3rd quarter worth approximately $4,729,000. 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.