Golden Ocean Group (NASDAQ:GOGL) Research Coverage Started at Wall Street Zen

Wall Street Zen began coverage on shares of Golden Ocean Group (NASDAQ:GOGL) in a report issued on Thursday morning. The brokerage issued a hold rating on the shipping company’s stock.

Separately, Jefferies Financial Group dropped their price target on 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 Price Performance

Shares of GOGL opened at $7.23 on Thursday. Golden Ocean Group has a 52-week low of $6.27 and a 52-week high of $14.82. 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 business’s 50 day moving average price is $7.58 and its two-hundred day moving average price is $8.84. The firm has a market cap of $1.45 billion, a PE ratio of 5.98 and a beta of 1.06.

Golden Ocean Group (NASDAQ:GOGL) last issued its quarterly earnings results on Wednesday, May 21st. The shipping company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.09). Golden Ocean Group had a net margin of 23.89% and a return on equity of 13.14%. The business had revenue of $115.00 million during the quarter, compared to analyst estimates of $106.48 million. On average, equities analysts anticipate that Golden Ocean Group will post 1.14 EPS for the current year.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.60 annualized dividend and a dividend yield of 8.30%. Golden Ocean Group’s dividend payout ratio is 53.57%.

Institutional Investors Weigh In On Golden Ocean Group

Hedge funds and other institutional investors have recently modified their holdings of the company. New York State Common Retirement Fund increased its holdings in shares of Golden Ocean Group by 16.5% during the fourth quarter. New York State Common Retirement Fund now owns 222,238 shares of the shipping company’s stock valued at $1,991,000 after acquiring an additional 31,500 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Golden Ocean Group by 3.6% during the fourth quarter. Empowered Funds LLC now owns 963,005 shares of the shipping company’s stock valued at $8,629,000 after acquiring an additional 33,241 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Golden Ocean Group by 2,893.9% during the fourth quarter. Victory Capital Management Inc. now owns 414,121 shares of the shipping company’s stock valued at $3,711,000 after acquiring an additional 400,289 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Golden Ocean Group during the fourth quarter valued at approximately $46,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of Golden Ocean Group during the fourth quarter valued at approximately $519,000. 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.