Golden Ocean Group Limited (NASDAQ:GOGL) Announces $0.30 Quarterly Dividend

Golden Ocean Group Limited (NASDAQ:GOGL) declared a quarterly dividend on Wednesday, November 27th,NASDAQ Dividends reports. Stockholders of record on Monday, December 9th will be given a dividend of 0.30 per share by the shipping company on Wednesday, December 18th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 11.89%. The ex-dividend date is Monday, December 9th.

Golden Ocean Group has raised its dividend by an average of 115.4% per year over the last three years. Golden Ocean Group has a dividend payout ratio of 72.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Golden Ocean Group to earn $1.70 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 70.6%.

Golden Ocean Group Stock Performance

Shares of Golden Ocean Group stock opened at $10.09 on Friday. The business has a 50-day moving average of $11.73 and a 200 day moving average of $12.56. Golden Ocean Group has a 12 month low of $8.42 and a 12 month high of $15.77. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 8.34 and a beta of 1.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00.

Golden Ocean Group (NASDAQ:GOGL) last announced its earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. Golden Ocean Group had a return on equity of 13.14% and a net margin of 23.89%. The company had revenue of $197.35 million during the quarter, compared to analysts’ expectations of $187.74 million. As a group, sell-side analysts forecast that Golden Ocean Group will post 1.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Pareto Securities restated a “hold” rating and set a $12.50 target price on shares of Golden Ocean Group in a report on Thursday, November 21st. Jefferies Financial Group reduced their price target on Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday. Finally, StockNews.com lowered Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th.

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.