Golden Ocean Group (NASDAQ:GOGL) Sees Strong Trading Volume – Time to Buy?

Golden Ocean Group Limited (NASDAQ:GOGL) shares saw an uptick in trading volume on Tuesday . 2,296,619 shares traded hands during trading, a decline of 2% from the previous session’s volume of 2,346,442 shares.The stock last traded at $9.65 and had previously closed at $9.75.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Jefferies Financial Group reaffirmed a “hold” rating and issued a $10.00 price target on shares of Golden Ocean Group in a research note on Wednesday, February 26th. Pareto Securities reaffirmed a “hold” rating and set a $12.50 target price on shares of Golden Ocean Group in a report on Thursday, November 21st.

Golden Ocean Group Trading Up 3.8 %

The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 8.38 and a beta of 1.16. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. The company has a fifty day moving average price of $9.20 and a two-hundred day moving average price of $10.59.

Golden Ocean Group Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.93%. Golden Ocean Group’s dividend payout ratio is currently 53.57%.

Hedge Funds Weigh In On Golden Ocean Group

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Golden Ocean Group by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 5,798,672 shares of the shipping company’s stock valued at $50,978,000 after buying an additional 71,918 shares during the period. Two Sigma Advisers LP increased its holdings in Golden Ocean Group by 6.9% in the 3rd quarter. Two Sigma Advisers LP now owns 2,751,677 shares of the shipping company’s stock valued at $36,817,000 after purchasing an additional 177,100 shares during the last quarter. Encompass Capital Advisors LLC increased its holdings in Golden Ocean Group by 1,402.3% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company’s stock valued at $17,072,000 after purchasing an additional 1,778,571 shares during the last quarter. Geode Capital Management LLC increased its holdings in Golden Ocean Group by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,663,334 shares of the shipping company’s stock valued at $14,903,000 after purchasing an additional 9,041 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its holdings in Golden Ocean Group by 2.1% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,651,405 shares of the shipping company’s stock valued at $14,797,000 after purchasing an additional 33,241 shares during the last quarter. Institutional investors and hedge funds own 22.00% of the company’s stock.

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.