Golden Ocean Group (NASDAQ:GOGL) Sees Strong Trading Volume – Should You Buy?

Golden Ocean Group Limited (NASDAQ:GOGL) shares saw an uptick in trading volume on Thursday . 5,101,072 shares traded hands during trading, an increase of 176% from the previous session’s volume of 1,850,221 shares.The stock last traded at $8.15 and had previously closed at $8.00.

Analyst Ratings Changes

Separately, Jefferies Financial Group restated a “hold” rating and issued a $10.00 price objective on shares of Golden Ocean Group in a report on Wednesday, February 26th.

Golden Ocean Group Stock Up 1.7 %

The stock has a fifty day moving average of $8.89 and a 200-day moving average of $10.13. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 6.75 and a beta of 1.14. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65.

Golden Ocean Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 11th were paid a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.60 dividend on an annualized basis and a yield of 7.38%. Golden Ocean Group’s dividend payout ratio is currently 53.57%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Encompass Capital Advisors LLC raised its holdings in shares of Golden Ocean Group by 1,402.3% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company’s stock valued at $17,072,000 after acquiring an additional 1,778,571 shares during the period. Mirabella Financial Services LLP raised its stake in Golden Ocean Group by 114.2% during the 4th quarter. Mirabella Financial Services LLP now owns 1,499,244 shares of the shipping company’s stock valued at $13,222,000 after purchasing an additional 799,244 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Golden Ocean Group by 229.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,139,248 shares of the shipping company’s stock valued at $10,208,000 after purchasing an additional 793,470 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Golden Ocean Group by 196.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 961,367 shares of the shipping company’s stock worth $8,614,000 after buying an additional 637,103 shares during the period. Finally, Victory Capital Management Inc. raised its position in Golden Ocean Group by 2,893.9% during the fourth quarter. Victory Capital Management Inc. now owns 414,121 shares of the shipping company’s stock valued at $3,711,000 after buying an additional 400,289 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.