Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down to $7.48

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $7.48, but opened at $7.23. Golden Ocean Group shares last traded at $7.28, with a volume of 203,132 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GOGL. Pareto Securities raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. Jefferies Financial Group reduced their target price on shares of Golden Ocean Group from $8.50 to $8.00 and set a “hold” rating on the stock in a report on Tuesday, August 29th. BTIG Research reduced their target price on shares of Golden Ocean Group from $14.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, July 21st. TheStreet lowered shares of Golden Ocean Group from a “b-” rating to a “c+” rating in a report on Thursday, August 24th. Finally, StockNews.com lowered shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.00.

Golden Ocean Group Price Performance

The company’s fifty day moving average is $7.47 and its 200 day moving average is $8.33. The company has a quick ratio of 1.14, a current ratio of 1.12 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.47 billion, a PE ratio of 7.56 and a beta of 1.25.

Golden Ocean Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Monday, September 11th will be issued a $0.10 dividend. The ex-dividend date is Friday, September 8th. This represents a $0.40 annualized dividend and a yield of 5.45%. Golden Ocean Group’s payout ratio is 40.40%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. VisionPoint Advisory Group LLC acquired a new stake in Golden Ocean Group in the second quarter valued at approximately $31,000. Osaic Holdings Inc. grew its position in Golden Ocean Group by 20.6% in the second quarter. Osaic Holdings Inc. now owns 43,215 shares of the shipping company’s stock valued at $326,000 after acquiring an additional 7,385 shares in the last quarter. Royal Bank of Canada grew its position in shares of Golden Ocean Group by 42.5% during the second quarter. Royal Bank of Canada now owns 113,729 shares of the shipping company’s stock worth $858,000 after buying an additional 33,916 shares in the last quarter. PDT Partners LLC acquired a new stake in shares of Golden Ocean Group during the second quarter worth approximately $1,163,000. Finally, State of Wyoming acquired a new stake in shares of Golden Ocean Group during the second quarter worth approximately $104,000. Hedge funds and other institutional investors own 19.98% 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. It operates dry bulk vessels comprising of Newcastlemax, Capesize, Panamax, and Ultramax vessels in the spot and time charter markets. The company's vessels transport a range of bulk commodities, such as ores, coal, grains, and fertilizers.