Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up – Here’s Why

Golden Ocean Group Limited (NASDAQ:GOGL) gapped up prior to trading on Tuesday . The stock had previously closed at $10.62, but opened at $10.93. Golden Ocean Group shares last traded at $10.94, with a volume of 499,718 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GOGL. Jefferies Financial Group reduced their target price on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a report on Wednesday, August 28th. StockNews.com cut shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th.

Golden Ocean Group Stock Down 1.4 %

The firm has a 50 day simple moving average of $11.96 and a two-hundred day simple moving average of $12.93. The stock has a market capitalization of $2.14 billion, a P/E ratio of 9.99 and a beta of 1.17. The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share 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 business had revenue of $197.35 million during the quarter, compared to the consensus estimate of $187.74 million. On average, equities research analysts expect that Golden Ocean Group Limited will post 1.18 earnings per share for the current year.

Golden Ocean Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Wednesday, September 11th were paid a $0.30 dividend. The ex-dividend date was Wednesday, September 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 11.23%. Golden Ocean Group’s payout ratio is currently 112.15%.

Hedge Funds Weigh In On Golden Ocean Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Golden Ocean Group by 1,318.6% during the first 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. BNP Paribas Financial Markets grew its position in Golden Ocean Group by 406.0% during the 1st quarter. BNP Paribas Financial Markets now owns 156,392 shares of the shipping company’s stock worth $2,027,000 after acquiring an additional 125,484 shares during the last quarter. Fifth Lane Capital LP acquired a new position in Golden Ocean Group in the 1st quarter worth about $137,000. Duality Advisers LP bought a new position in Golden Ocean Group in the first quarter valued at about $363,000. Finally, Quantbot Technologies LP raised its position in Golden Ocean Group by 4,488.2% in the first quarter. Quantbot Technologies LP now owns 119,935 shares of the shipping company’s stock valued at $1,554,000 after purchasing an additional 117,321 shares during the last quarter. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.