Golden Ocean Group Limited (NASDAQ:GOGL) Declares $0.30 Quarterly Dividend

Golden Ocean Group Limited (NASDAQ:GOGL) declared a quarterly dividend on Wednesday, November 27th,NASDAQ Dividends reports. Investors of record on Monday, December 9th will be paid a dividend of 0.30 per share by the shipping company on Wednesday, December 18th. This represents a $1.20 annualized dividend and a yield of 11.89%. The ex-dividend date of this dividend is Monday, December 9th.

Golden Ocean Group has raised its dividend by an average of 115.4% per year over the last three years. Golden Ocean Group has a payout ratio of 72.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Golden Ocean Group to earn $1.70 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 70.6%.

Golden Ocean Group Price Performance

Golden Ocean Group stock traded down $0.77 during trading hours on Thursday, hitting $10.09. 4,112,979 shares of the stock were exchanged, compared to its average volume of 1,587,215. Golden Ocean Group has a 12 month low of $8.42 and a 12 month high of $15.77. The business’s 50-day moving average is $11.78 and its two-hundred day moving average is $12.58. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.00 and a current ratio of 1.17. The stock has a market capitalization of $2.02 billion, a P/E ratio of 9.43 and a beta of 1.20.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $187.74 million. Equities research analysts expect that Golden Ocean Group will post 1.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. StockNews.com cut Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th. Jefferies Financial Group reduced their price target on shares of Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday. Finally, Pareto Securities reissued a “hold” rating and set a $12.50 price objective on shares of Golden Ocean Group in a report on Thursday, November 21st.

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.