Golden Ocean Group (NASDAQ:GOGL) Shares Down 3.5% – Time to Sell?

Golden Ocean Group Limited (NASDAQ:GOGL) shares traded down 3.5% on Tuesday . The stock traded as low as $11.65 and last traded at $11.82. 655,803 shares were traded during mid-day trading, a decline of 58% from the average session volume of 1,570,729 shares. The stock had previously closed at $12.25.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. StockNews.com lowered shares of Golden Ocean Group from a “buy” rating to a “hold” rating in a report on Saturday, October 5th. Jefferies Financial Group decreased their price objective on Golden Ocean Group from $15.50 to $14.50 and set a “hold” rating for the company in a research report on Wednesday, August 28th.

Golden Ocean Group Stock Down 2.2 %

The firm has a market capitalization of $2.40 billion, a P/E ratio of 11.45 and a beta of 1.20. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.00 and a current ratio of 1.17. The firm’s 50-day moving average is $11.84 and its 200 day moving average is $12.74.

Golden Ocean Group (NASDAQ:GOGL) last announced its quarterly earnings data on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. Golden Ocean Group had a net margin of 22.01% and a return on equity of 10.57%. The business had revenue of $197.35 million for the quarter, compared to analyst estimates of $187.74 million. As a group, equities research analysts predict that Golden Ocean Group Limited will post 1.18 EPS for the current fiscal year.

Golden Ocean Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Wednesday, September 11th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 10.02%. The ex-dividend date was Wednesday, September 11th. Golden Ocean Group’s dividend payout ratio is 112.15%.

Hedge Funds Weigh In On Golden Ocean Group

Several institutional investors and hedge funds have recently modified their holdings of GOGL. Point72 Hong Kong Ltd bought a new stake in shares of Golden Ocean Group during the 3rd quarter worth about $28,000. Nisa Investment Advisors LLC boosted its holdings in shares of Golden Ocean Group by 1,720.1% during the second quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company’s stock worth $52,000 after acquiring an additional 3,595 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Golden Ocean Group by 2,319.5% in the second quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 8,791 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Golden Ocean Group during the first quarter worth approximately $149,000. Finally, Bayesian Capital Management LP bought a new position in shares of Golden Ocean Group during the first quarter worth approximately $151,000. 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.