Jefferies Financial Group Issues Pessimistic Forecast for Golden Ocean Group (NASDAQ:GOGL) Stock Price

Golden Ocean Group (NASDAQ:GOGL) had its target price cut by Jefferies Financial Group from $10.00 to $8.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a hold rating on the shipping company’s stock.

Golden Ocean Group Stock Performance

NASDAQ GOGL opened at $7.77 on Wednesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22. The company has a market cap of $1.55 billion, a P/E ratio of 6.42 and a beta of 1.10. The stock has a 50-day moving average of $8.04 and a two-hundred day moving average of $9.33. Golden Ocean Group has a 1-year low of $6.27 and a 1-year high of $15.77.

Golden Ocean Group Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 11th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 7.72%. The ex-dividend date was Tuesday, March 11th. Golden Ocean Group’s payout ratio is currently 53.57%.

Hedge Funds Weigh In On Golden Ocean Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GOGL. Jones Financial Companies Lllp grew its stake in shares of Golden Ocean Group by 683.1% in 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. Sterling Capital Management LLC boosted its holdings in Golden Ocean Group by 830.1% in the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company’s stock valued at $35,000 after purchasing an additional 3,478 shares during the period. Quarry LP grew its stake in Golden Ocean Group by 195.3% during the 4th quarter. Quarry LP now owns 4,981 shares of the shipping company’s stock worth $45,000 after purchasing an additional 3,294 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in Golden Ocean Group during the 4th quarter worth about $46,000. Finally, Tower Research Capital LLC TRC raised its position in Golden Ocean Group by 47.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company’s stock valued at $47,000 after purchasing an additional 1,694 shares in the last quarter. Hedge funds and other institutional investors 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.