Golden Ocean Group Limited (NASDAQ:GOGL) Short Interest Up 11.8% in August

Golden Ocean Group Limited (NASDAQ:GOGLGet Rating) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 9,820,000 shares, a growth of 11.8% from the August 15th total of 8,780,000 shares. Based on an average trading volume of 3,750,000 shares, the short-interest ratio is presently 2.6 days. Currently, 8.1% of the shares of the company are short sold.

Analysts Set New Price Targets

Separately, Jefferies Financial Group began coverage on shares of Golden Ocean Group in a research note on Wednesday, July 20th. They issued a “buy” rating and a $14.00 price objective on the stock.

Golden Ocean Group Stock Up 7.4 %

Golden Ocean Group stock opened at $9.13 on Wednesday. Golden Ocean Group has a twelve month low of $7.59 and a twelve month high of $16.46. The firm has a 50 day moving average price of $10.31 and a 200-day moving average price of $11.97. The company has a market capitalization of $1.31 billion, a P/E ratio of 2.68 and a beta of 1.28. The company has a quick ratio of 1.33, a current ratio of 1.54 and a debt-to-equity ratio of 0.62.

Golden Ocean Group (NASDAQ:GOGLGet Rating) last announced its quarterly earnings results on Wednesday, August 24th. The shipping company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.20. Golden Ocean Group had a net margin of 50.93% and a return on equity of 34.56%. During the same quarter in the previous year, the company posted $0.52 EPS. As a group, equities analysts predict that Golden Ocean Group will post 2.2 EPS for the current year.

Golden Ocean Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 14th. Investors of record on Wednesday, September 7th were paid a dividend of $0.60 per share. This is a boost from Golden Ocean Group’s previous quarterly dividend of $0.50. This represents a $2.40 dividend on an annualized basis and a dividend yield of 26.29%. The ex-dividend date was Tuesday, September 6th. Golden Ocean Group’s dividend payout ratio is presently 70.38%.

Institutional Trading of Golden Ocean Group

A number of institutional investors have recently modified their holdings of the business. DAVENPORT & Co LLC lifted its stake in shares of Golden Ocean Group by 11.4% during the 2nd quarter. DAVENPORT & Co LLC now owns 12,287 shares of the shipping company’s stock valued at $143,000 after buying an additional 1,262 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Golden Ocean Group by 7.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 22,323 shares of the shipping company’s stock worth $260,000 after purchasing an additional 1,587 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in Golden Ocean Group in the 1st quarter worth approximately $26,000. Legal & General Group Plc purchased a new stake in Golden Ocean Group in the 2nd quarter worth approximately $27,000. Finally, Avidian Wealth Solutions LLC lifted its stake in Golden Ocean Group by 7.7% in the 1st quarter. Avidian Wealth Solutions LLC now owns 33,262 shares of the shipping company’s stock worth $412,000 after purchasing an additional 2,366 shares in the last quarter. 38.66% of the stock is currently owned by hedge funds and other institutional investors.

Golden Ocean Group Company Profile

(Get Rating)

Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels comprising Newcastlemax, Capesize, Panamax, and Ultramax vessels worldwide. It owns and operates dry bulk vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.

Further Reading

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