Golden Ocean Group (NASDAQ:GOGL) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of Golden Ocean Group (NASDAQ:GOGL) from a hold rating to a buy rating in a report issued on Friday.

Separately, Jefferies Financial Group decreased their target price on shares of Golden Ocean Group from $15.50 to $14.50 and set a hold rating on the stock in a research note on Wednesday, August 28th.

Golden Ocean Group Stock Down 0.5 %

Shares of GOGL opened at $13.17 on Friday. The firm has a 50 day simple moving average of $12.13 and a two-hundred day simple moving average of $13.10. The company has a market cap of $2.63 billion, a P/E ratio of 14.16 and a beta of 1.16. Golden Ocean Group has a one year low of $7.09 and a one year high of $15.77. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.00.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.04. The business had revenue of $197.35 million for the quarter, compared to analyst estimates of $187.74 million. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. Research analysts forecast that Golden Ocean Group will post 1.35 EPS for the current fiscal year.

Golden Ocean Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Wednesday, September 11th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 9.11%. The ex-dividend date was Wednesday, September 11th. Golden Ocean Group’s dividend payout ratio is currently 129.03%.

Institutional Investors Weigh In On Golden Ocean Group

Several hedge funds have recently added to or reduced their stakes in GOGL. Hsbc Holdings PLC lifted its holdings in shares of Golden Ocean Group by 108.5% during the fourth 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 during the period. Quadrature Capital Ltd bought a new stake in shares of Golden Ocean Group in the 4th quarter valued at $171,000. Counterpoint Mutual Funds LLC bought a new stake in shares of Golden Ocean Group in the 1st quarter valued at $684,000. Harbour Capital Advisors LLC acquired a new stake in Golden Ocean Group during the 1st quarter worth about $691,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Golden Ocean Group by 1,318.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 786,018 shares of the shipping company’s stock valued at $10,187,000 after purchasing an additional 730,609 shares during the period. 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.