Golden Ocean Group (NASDAQ:GOGL) Sets New 1-Year Low – Here’s Why

Golden Ocean Group Limited (NASDAQ:GOGL) reached a new 52-week low during trading on Wednesday . The company traded as low as $7.62 and last traded at $7.78, with a volume of 7174965 shares changing hands. The stock had previously closed at $8.23.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Jefferies Financial Group reiterated a “hold” rating and set a $10.00 price target on shares of Golden Ocean Group in a research note on Wednesday, February 26th. Pareto Securities reiterated a “hold” rating and set a $12.50 target price on shares of Golden Ocean Group in a research report on Thursday, November 21st.

Golden Ocean Group Trading Down 5.5 %

The business’s 50-day moving average price is $9.17 and its 200-day moving average price is $10.44. The firm has a market capitalization of $1.56 billion, a PE ratio of 6.43 and a beta of 1.14. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22.

Golden Ocean Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 7.71%. The ex-dividend date is Tuesday, March 11th. Golden Ocean Group’s payout ratio is currently 53.57%.

Institutional Investors Weigh In On Golden Ocean Group

A number of institutional investors and hedge funds have recently made changes to their positions in GOGL. Empowered Funds LLC grew its holdings in shares of Golden Ocean Group by 5.4% during the third quarter. Empowered Funds LLC now owns 929,764 shares of the shipping company’s stock worth $12,440,000 after buying an additional 47,302 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Golden Ocean Group in the 3rd quarter valued at approximately $744,000. Intech Investment Management LLC purchased a new position in shares of Golden Ocean Group in the 3rd quarter valued at approximately $477,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Golden Ocean Group by 10.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 319,539 shares of the shipping company’s stock valued at $4,275,000 after purchasing an additional 29,051 shares during the period. Finally, Mirabella Financial Services LLP purchased a new stake in shares of Golden Ocean Group during the third quarter worth approximately $9,360,000. 22.00% of the stock is owned by hedge funds and other 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.