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

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $6.48, but opened at $6.62. Golden Ocean Group shares last traded at $6.86, with a volume of 676,861 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group reissued a “hold” rating and issued a $10.00 price objective on shares of Golden Ocean Group in a research note on Wednesday, February 26th.

Golden Ocean Group Price Performance

The firm’s fifty day moving average is $8.62 and its 200 day moving average is $9.84. The company has a market capitalization of $1.41 billion, a P/E ratio of 5.83 and a beta of 1.10. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 11th were paid a $0.15 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $0.60 annualized dividend and a yield of 8.51%. Golden Ocean Group’s dividend payout ratio (DPR) is currently 53.57%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in Golden Ocean Group by 10.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 319,539 shares of the shipping company’s stock worth $4,275,000 after acquiring an additional 29,051 shares during the period. FMR LLC boosted its stake in shares of Golden Ocean Group by 146.8% in the third quarter. FMR LLC now owns 12,210 shares of the shipping company’s stock worth $163,000 after acquiring an additional 7,263 shares during the last quarter. Quantinno Capital Management LP grew its holdings in shares of Golden Ocean Group by 96.3% during the third quarter. Quantinno Capital Management LP now owns 19,740 shares of the shipping company’s stock worth $264,000 after buying an additional 9,684 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Golden Ocean Group during the 3rd quarter valued at about $1,543,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Golden Ocean Group by 31.7% in the third quarter. JPMorgan Chase & Co. now owns 444,453 shares of the shipping company’s stock valued at $5,947,000 after purchasing an additional 106,966 shares during the last quarter. 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.