Golden Ocean Group’s (GOGL) “Hold” Rating Reiterated at Jefferies Financial Group

Jefferies Financial Group reiterated their hold rating on shares of Golden Ocean Group (NASDAQ:GOGL) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $10.00 price target on the shipping company’s stock.

Separately, Pareto Securities reaffirmed a “hold” rating and issued a $12.50 price target on shares of Golden Ocean Group in a research note on Thursday, November 21st.

Golden Ocean Group Stock Down 1.5 %

GOGL stock opened at $9.70 on Wednesday. The company has a market cap of $1.94 billion, a PE ratio of 8.02 and a beta of 1.16. The business has a 50-day simple moving average of $9.18 and a 200 day simple moving average of $10.62. Golden Ocean Group has a 52 week low of $8.52 and a 52 week high of $15.77. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Golden Ocean Group had a return on equity of 13.14% and a net margin of 23.89%. Sell-side analysts anticipate that Golden Ocean Group will post 1.14 EPS for the current fiscal year.

Golden Ocean Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 6.19%. The ex-dividend date is Tuesday, March 11th. Golden Ocean Group’s payout ratio is 99.17%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GOGL. Jones Financial Companies Lllp raised its stake in Golden Ocean Group by 683.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,741 shares of the shipping company’s stock worth $25,000 after acquiring an additional 2,391 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Golden Ocean Group during the third quarter worth about $28,000. Sterling Capital Management LLC raised its stake in Golden Ocean Group by 830.1% during the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock worth $35,000 after acquiring an additional 3,478 shares in the last quarter. Quarry LP raised its stake in Golden Ocean Group by 195.3% during the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock worth $45,000 after acquiring an additional 3,294 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Golden Ocean Group during the fourth quarter worth about $46,000. 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.