Golden Ocean Group (NASDAQ:GOGL) Trading Down 2.5% – Time to Sell?

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price dropped 2.5% during mid-day trading on Friday . The company traded as low as $7.63 and last traded at $7.68. Approximately 560,958 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 3,181,419 shares. The stock had previously closed at $7.88.

Analyst Upgrades and Downgrades

GOGL has been the subject of a number of analyst reports. Pareto Securities reissued a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a report on Thursday, November 21st. Jefferies Financial Group reaffirmed a “hold” rating and set a $10.00 target price on shares of Golden Ocean Group in a research note on Wednesday, February 26th.

Golden Ocean Group Trading Down 2.2 %

The company has a 50 day moving average of $9.09 and a 200 day moving average of $10.36. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 6.37 and a beta of 1.14.

Golden Ocean Group Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 7.78%. The ex-dividend date of this dividend is Tuesday, March 11th. Golden Ocean Group’s payout ratio is currently 53.57%.

Institutional Trading of Golden Ocean Group

Several large investors have recently added to or reduced their stakes in GOGL. Jones Financial Companies Lllp grew its holdings in Golden Ocean Group by 683.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock valued at $25,000 after buying an additional 2,391 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Golden Ocean Group during the third quarter worth about $28,000. Sterling Capital Management LLC lifted its position in shares of Golden Ocean Group by 830.1% during the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock worth $35,000 after purchasing an additional 3,478 shares in the last quarter. Quarry LP boosted its stake in shares of Golden Ocean Group by 195.3% in the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock valued at $45,000 after purchasing an additional 3,294 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in Golden Ocean Group during the 4th quarter worth approximately $46,000. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

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.