Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down – What’s Next?

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price gapped down before the market opened on Monday . The stock had previously closed at $7.77, but opened at $7.60. Golden Ocean Group shares last traded at $7.65, with a volume of 777,132 shares traded.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group lowered their price objective on shares of Golden Ocean Group from $10.00 to $8.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd.

Golden Ocean Group Price Performance

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 business has a fifty day simple moving average of $8.04 and a 200 day simple moving average of $9.29. The stock has a market capitalization of $1.50 billion, a P/E ratio of 6.21 and a beta of 1.10.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 7.98%. The ex-dividend date of this dividend was Tuesday, March 11th. Golden Ocean Group’s dividend payout ratio is 53.57%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GOGL. MetLife Investment Management LLC boosted its stake in shares of Golden Ocean Group by 1.7% in the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company’s stock worth $641,000 after buying an additional 1,201 shares during the last quarter. State of Wyoming grew its stake in Golden Ocean Group by 10.3% in the 4th quarter. State of Wyoming now owns 13,596 shares of the shipping company’s stock valued at $122,000 after purchasing an additional 1,268 shares during the period. Swiss National Bank increased its position in shares of Golden Ocean Group by 0.6% during the 4th quarter. Swiss National Bank now owns 257,524 shares of the shipping company’s stock valued at $2,259,000 after purchasing an additional 1,658 shares during the last quarter. Tower Research Capital LLC TRC raised 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 purchasing an additional 1,694 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Golden Ocean Group by 2.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,525 shares of the shipping company’s stock worth $965,000 after buying an additional 2,078 shares during the last quarter. 22.00% of the stock is owned by institutional investors.

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.