Golden Ocean Group Limited (NASDAQ:GOGL) Plans $0.35 Quarterly Dividend

Golden Ocean Group Limited (NASDAQ:GOGLGet Rating) declared a quarterly dividend on Wednesday, November 16th, Wall Street Journal reports. Investors of record on Monday, November 28th will be paid a dividend of 0.35 per share by the shipping company on Monday, December 5th. This represents a $1.40 dividend on an annualized basis and a yield of 16.07%. The ex-dividend date of this dividend is Friday, November 25th.

Golden Ocean Group has increased its dividend by an average of 23.6% per year over the last three years. Golden Ocean Group has a payout ratio of 94.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Golden Ocean Group to earn $1.13 per share next year, which means the company may not be able to cover its $1.40 annual dividend with an expected future payout ratio of 123.9%.

Golden Ocean Group Stock Performance

Shares of GOGL stock opened at $8.71 on Thursday. Golden Ocean Group has a 12-month low of $7.24 and a 12-month high of $16.46. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 2.94 and a beta of 1.33. The business has a 50 day simple moving average of $8.63 and a 200 day simple moving average of $10.75. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 1.41.

Golden Ocean Group (NASDAQ:GOGLGet Rating) last issued its quarterly earnings data on Thursday, August 25th. The shipping company reported $0.81 earnings per share (EPS) for the quarter. Golden Ocean Group had a return on equity of 29.95% and a net margin of 47.96%. The business had revenue of $250.04 million during the quarter. During the same period last year, the company earned $0.52 earnings per share. On average, equities research analysts anticipate that Golden Ocean Group will post 1.85 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Jefferies Financial Group lowered Golden Ocean Group from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $14.00 to $10.00 in a report on Monday, September 26th. began coverage on Golden Ocean Group in a research report on Wednesday, October 12th. They issued a “hold” rating for the company.

Institutional Investors Weigh In On Golden Ocean Group

A number of institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new stake in Golden Ocean Group in the second quarter worth approximately $27,000. Cambridge Investment Research Advisors Inc. lifted its position in Golden Ocean Group by 13.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 20,736 shares of the shipping company’s stock worth $257,000 after purchasing an additional 2,479 shares during the period. Advisor Group Holdings Inc. lifted its position in Golden Ocean Group by 27.0% in the first quarter. Advisor Group Holdings Inc. now owns 18,645 shares of the shipping company’s stock worth $190,000 after purchasing an additional 3,969 shares during the period. Cetera Advisor Networks LLC lifted its position in Golden Ocean Group by 42.0% in the first quarter. Cetera Advisor Networks LLC now owns 14,596 shares of the shipping company’s stock worth $181,000 after purchasing an additional 4,318 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Golden Ocean Group by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 79,882 shares of the shipping company’s stock valued at $989,000 after acquiring an additional 4,966 shares during the last quarter. 38.66% of the stock is currently owned by institutional investors and hedge funds.

About Golden Ocean Group

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Golden Ocean Group Limited, a shipping company, owns and operates a fleet of dry bulk vessels comprising Newcastlemax, Capesize, Panamax, and Ultramax vessels worldwide. It owns and operates dry bulk vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.

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Dividend History for Golden Ocean Group (NASDAQ:GOGL)

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