Golden Ocean Group (NASDAQ:GOGL) Stock Crosses Above 200 Day Moving Average of $10.20

Golden Ocean Group Limited (NASDAQ:GOGL) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $10.20 and traded as high as $13.20. Golden Ocean Group shares last traded at $13.04, with a volume of 962,106 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GOGL. BTIG Research restated a “neutral” rating on shares of Golden Ocean Group in a report on Friday, January 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 price objective on shares of Golden Ocean Group in a report on Wednesday, February 28th. Finally, StockNews.com upgraded shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $12.50.

Golden Ocean Group Stock Performance

The stock’s 50 day moving average is $12.55 and its two-hundred day moving average is $10.20. The company has a current ratio of 1.23, a quick ratio of 1.05 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 23.29 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 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.07. The firm had revenue of $196.75 million for the quarter, compared to analysts’ expectations of $187.19 million. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. Analysts expect 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 declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were given 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 was Tuesday, March 12th. This represents a $1.20 annualized dividend and a dividend yield of 9.20%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 214.29%.

Institutional Trading of Golden Ocean Group

A number of hedge funds have recently added to or reduced their stakes in GOGL. Legal & General Group Plc bought a new position in Golden Ocean Group during the second quarter worth $27,000. State of Wyoming grew its holdings in shares of Golden Ocean Group by 52.8% during the fourth quarter. State of Wyoming now owns 3,517 shares of the shipping company’s stock valued at $31,000 after buying an additional 1,215 shares during the last quarter. US Bancorp DE acquired a new position in shares of Golden Ocean Group during the fourth quarter valued at about $35,000. VisionPoint Advisory Group LLC purchased a new position in Golden Ocean Group during the fourth quarter worth about $41,000. Finally, Blue Trust Inc. purchased a new position in Golden Ocean Group during the fourth quarter worth about $53,000. Institutional investors and hedge funds 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.