Golden Ocean Group (NASDAQ:GOGL) Reaches New 12-Month Low – Time to Sell?

Shares of Golden Ocean Group Limited (NASDAQ:GOGL) reached a new 52-week low during trading on Saturday . The stock traded as low as $6.37 and last traded at $6.48, with a volume of 12278076 shares trading hands. The stock had previously closed at $8.08.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group restated a “hold” rating and issued a $10.00 target price on shares of Golden Ocean Group in a report on Wednesday, February 26th.

Golden Ocean Group Price Performance

The firm has a market capitalization of $1.30 billion, a P/E ratio of 5.36 and a beta of 1.10. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average price of $8.76 and a 200-day moving average price of $9.94.

Golden Ocean Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 11th were given a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a yield of 9.26%. Golden Ocean Group’s dividend payout ratio is presently 53.57%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp grew its holdings in Golden Ocean Group by 683.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 2,391 shares during the last quarter. Sterling Capital Management LLC boosted 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 valued at $35,000 after buying an additional 3,478 shares during the period. Quarry LP grew its stake in shares of Golden Ocean Group by 195.3% during the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock valued at $45,000 after buying an additional 3,294 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Golden Ocean Group in the fourth quarter worth approximately $46,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Golden Ocean Group by 47.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock worth $47,000 after acquiring an additional 1,694 shares during the last quarter. Institutional investors own 22.00% of the company’s stock.

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.