Encompass Capital Advisors LLC Purchases 1,778,571 Shares of Golden Ocean Group Limited (NASDAQ:GOGL)

Encompass Capital Advisors LLC boosted its position in Golden Ocean Group Limited (NASDAQ:GOGL) by 1,402.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,905,407 shares of the shipping company’s stock after acquiring an additional 1,778,571 shares during the period. Encompass Capital Advisors LLC owned 0.95% of Golden Ocean Group worth $17,072,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in GOGL. Jones Financial Companies Lllp raised its position in Golden Ocean Group by 683.1% during the fourth 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 in the last quarter. Sterling Capital Management LLC increased its position in shares of Golden Ocean Group by 830.1% during the 4th quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock valued at $35,000 after purchasing an additional 3,478 shares during the last quarter. Quarry LP raised its holdings in shares of Golden Ocean Group by 195.3% during the 4th 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 in the last quarter. SBI Securities Co. Ltd. bought a new stake in Golden Ocean Group in the 4th quarter worth approximately $46,000. Finally, Tower Research Capital LLC TRC boosted its stake in Golden Ocean Group by 47.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock worth $47,000 after buying an additional 1,694 shares in the last quarter. 22.00% of the stock is owned by hedge funds and other institutional investors.

Golden Ocean Group Price Performance

NASDAQ GOGL opened at $7.63 on Friday. The business’s fifty day moving average is $7.70 and its 200 day moving average is $9.09. Golden Ocean Group Limited has a fifty-two week low of $6.27 and a fifty-two week high of $15.77. 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 company has a market capitalization of $1.53 billion, a PE ratio of 6.31 and a beta of 1.06.

Golden Ocean Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 7.86%. Golden Ocean Group’s dividend payout ratio is currently 53.57%.

Wall Street Analysts Forecast Growth

GOGL has been the subject of several analyst reports. StockNews.com started coverage on Golden Ocean Group in a research report on Tuesday. They set a “hold” rating on the stock. Jefferies Financial Group decreased their target price on shares of Golden Ocean Group from $10.00 to $8.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd.

Golden Ocean Group 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.