Golden Ocean Group (NASDAQ:GOGL) Sets New 12-Month High at $14.06

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

Analysts Set New Price Targets

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

Golden Ocean Group Price Performance

The firm’s 50-day moving average is $12.83 and its 200-day moving average is $10.45. The company has a quick ratio of 1.05, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The company has a market cap of $2.80 billion, a PE ratio of 25.09 and a beta of 1.39.

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

Golden Ocean Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 8.54%. This is a positive change 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 (DPR) is presently 214.29%.

Institutional Investors Weigh In On Golden Ocean Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. boosted its position in shares of Golden Ocean Group by 166.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 85,562 shares of the shipping company’s stock worth $1,109,000 after purchasing an additional 53,483 shares in the last quarter. Harbour Capital Advisors LLC purchased a new stake in shares of Golden Ocean Group in the first quarter worth $691,000. Counterpoint Mutual Funds LLC bought a new position in shares of Golden Ocean Group during the first quarter valued at $684,000. Quadrature Capital Ltd purchased a new position in shares of Golden Ocean Group in the 4th quarter worth about $171,000. Finally, Hsbc Holdings PLC boosted its stake in Golden Ocean Group by 108.5% in the 4th quarter. Hsbc Holdings PLC now owns 712,829 shares of the shipping company’s stock worth $6,928,000 after purchasing an additional 370,918 shares in the last quarter. Hedge funds and other institutional investors own 22.00% of the company’s stock.

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.