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

Golden Ocean Group Limited (NASDAQ:GOGL) declared a quarterly dividend on Wednesday, May 22nd, Zacks reports. Shareholders of record on Friday, June 7th will be given a dividend of 0.30 per share by the shipping company on Monday, June 17th. This represents a $1.20 annualized dividend and a yield of 8.55%. The ex-dividend date of this dividend is Friday, June 7th.

Golden Ocean Group has raised its dividend by an average of 115.4% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Golden Ocean Group has a payout ratio of 72.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Golden Ocean Group to earn $1.75 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 68.6%.

Golden Ocean Group Stock Performance

Shares of GOGL opened at $14.04 on Friday. The stock has a 50-day simple moving average of $13.65 and a 200-day simple moving average of $11.35. The stock has a market capitalization of $2.80 billion, a PE ratio of 15.10 and a beta of 1.32. Golden Ocean Group has a 1 year low of $6.89 and a 1 year high of $15.77. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.05 and a current ratio of 1.23.

Golden Ocean Group (NASDAQ:GOGL) last posted its earnings results on Wednesday, February 28th. The shipping company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.07. The firm had revenue of $196.75 million during the quarter, compared to analysts’ expectations of $187.19 million. Golden Ocean Group had a return on equity of 8.71% and a net margin of 19.92%. On average, analysts predict that Golden Ocean Group will post 1.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on GOGL shares. StockNews.com upgraded Golden Ocean Group from a “sell” rating to a “hold” rating in a research note on Thursday. Jefferies Financial Group cut Golden Ocean Group from a “buy” rating to a “hold” rating and set a $15.50 target price for the company. in a research note on Wednesday.

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.