Golden Ocean Group (NASDAQ:GOGL) Sets New 52-Week High at $14.06

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $14.06 and last traded at $14.02, with a volume of 224040 shares trading hands. The stock had previously closed at $13.82.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. BTIG Research reissued a “neutral” rating on shares of Golden Ocean Group in a report on Friday, January 5th. StockNews.com upgraded shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 price target on shares of Golden Ocean Group in a research note on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $12.50.

Golden Ocean Group Stock Performance

The stock has a 50-day moving average price of $12.77 and a 200 day moving average price of $10.39. The firm has a market cap of $2.81 billion, a PE ratio of 25.02 and a beta of 1.39. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 1.05.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings data on Wednesday, February 28th. The shipping company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.07. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. The business had revenue of $196.75 million for the quarter, compared to analyst estimates of $187.19 million. Research analysts forecast that Golden Ocean Group Limited will post 1.52 earnings per share for the current year.

Golden Ocean Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Wednesday, March 13th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 8.53%. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Tuesday, March 12th. Golden Ocean Group’s dividend payout ratio is presently 214.29%.

Institutional Investors Weigh In On Golden Ocean Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in GOGL. Denali Advisors LLC purchased a new stake in shares of Golden Ocean Group during the 3rd quarter worth about $4,729,000. Folketrygdfondet increased its position in shares of Golden Ocean Group by 5.6% in the fourth quarter. Folketrygdfondet now owns 9,402,318 shares of the shipping company’s stock worth $91,767,000 after acquiring an additional 500,000 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Golden Ocean Group by 108.5% in the 4th quarter. Hsbc Holdings PLC now owns 712,829 shares of the shipping company’s stock valued at $6,928,000 after acquiring an additional 370,918 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Golden Ocean Group by 557.4% during the 3rd quarter. New York State Common Retirement Fund now owns 249,523 shares of the shipping company’s stock valued at $1,966,000 after acquiring an additional 211,567 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Golden Ocean Group by 45.2% during the 3rd quarter. Barclays PLC now owns 546,432 shares of the shipping company’s stock valued at $4,307,000 after acquiring an additional 170,193 shares in the last quarter. 22.00% of the stock is currently 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.