Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up – Should You Buy?

Golden Ocean Group Limited (NASDAQ:GOGL)’s share price gapped up before the market opened on Monday . The stock had previously closed at $6.48, but opened at $6.62. Golden Ocean Group shares last traded at $6.86, with a volume of 676,861 shares changing hands.

Analysts Set New Price Targets

Separately, Jefferies Financial Group restated a “hold” rating and issued a $10.00 target price on shares of Golden Ocean Group in a research note on Wednesday, February 26th.

Golden Ocean Group Price Performance

The stock has a 50 day moving average of $8.76 and a two-hundred day moving average of $9.94. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market capitalization of $1.45 billion, a P/E ratio of 5.99 and a beta of 1.10.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Tuesday, March 11th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 8.28%. The ex-dividend date of this dividend was Tuesday, March 11th. Golden Ocean Group’s payout ratio is 53.57%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Encompass Capital Advisors LLC lifted its position in Golden Ocean Group by 1,402.3% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company’s stock worth $17,072,000 after acquiring an additional 1,778,571 shares during the last quarter. Mirabella Financial Services LLP lifted its position in shares of Golden Ocean Group by 114.2% during the 4th quarter. Mirabella Financial Services LLP now owns 1,499,244 shares of the shipping company’s stock worth $13,222,000 after purchasing an additional 799,244 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Golden Ocean Group by 229.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,139,248 shares of the shipping company’s stock valued at $10,208,000 after purchasing an additional 793,470 shares during the period. Assenagon Asset Management S.A. boosted its stake in Golden Ocean Group by 196.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 961,367 shares of the shipping company’s stock valued at $8,614,000 after purchasing an additional 637,103 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Golden Ocean Group by 2,893.9% in the 4th quarter. Victory Capital Management Inc. now owns 414,121 shares of the shipping company’s stock valued at $3,711,000 after buying an additional 400,289 shares during the last quarter. 22.00% of the stock is currently owned by institutional investors and hedge funds.

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.