Golden Ocean Group (NASDAQ:GOGL) Receives Hold Rating from Pareto Securities

Pareto Securities restated their hold rating on shares of Golden Ocean Group (NASDAQ:GOGL) in a research note released on Thursday morning,Benzinga reports. The firm currently has a $12.50 price objective on the shipping company’s stock.

A number of other research firms have also commented on GOGL. StockNews.com lowered Golden Ocean Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 5th. Jefferies Financial Group decreased their price objective on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating on the stock in a research note on Wednesday, August 28th.

Golden Ocean Group Trading Down 5.5 %

NASDAQ:GOGL opened at $11.19 on Thursday. The stock has a fifty day moving average price of $11.87 and a two-hundred day moving average price of $12.70. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 10.45 and a beta of 1.20. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.00 and a current ratio of 1.17. Golden Ocean Group has a 1 year low of $8.42 and a 1 year high of $15.77.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. The business had revenue of $197.35 million during the quarter, compared to analysts’ expectations of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. As a group, sell-side analysts anticipate that Golden Ocean Group will post 1.18 earnings per share for the current fiscal year.

Golden Ocean Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Wednesday, September 11th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 10.73%. The ex-dividend date was Wednesday, September 11th. Golden Ocean Group’s payout ratio is 112.15%.

Institutional Trading of Golden Ocean Group

A number of hedge funds have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd acquired a new position in shares of Golden Ocean Group in the 3rd quarter valued at about $28,000. Nisa Investment Advisors LLC lifted its stake in shares of Golden Ocean Group by 1,720.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock valued at $52,000 after purchasing an additional 3,595 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Golden Ocean Group by 2,319.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 8,791 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Golden Ocean Group in the 1st quarter valued at about $149,000. Finally, Bayesian Capital Management LP acquired a new position in shares of Golden Ocean Group in the 1st quarter valued at about $151,000. 22.00% of the stock is owned by institutional investors and hedge funds.

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.