Golden Ocean Group Limited (NASDAQ:GOGL) Declares $0.30 Quarterly Dividend

Golden Ocean Group Limited (NASDAQ:GOGL) declared a quarterly dividend on Wednesday, November 27th,NASDAQ Dividends reports. Stockholders of record on Monday, December 9th will be given a dividend of 0.30 per share by the shipping company on Wednesday, December 18th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 11.89%. The ex-dividend date is Monday, December 9th.

Golden Ocean Group has raised its dividend by an average of 115.4% annually over the last three years. Golden Ocean Group has a dividend payout ratio of 72.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Golden Ocean Group to earn $1.70 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 70.6%.

Golden Ocean Group Stock Performance

NASDAQ:GOGL traded down $0.77 during mid-day trading on Thursday, hitting $10.09. 4,112,979 shares of the company’s stock traded hands, compared to its average volume of 1,587,215. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 9.43 and a beta of 1.20. The firm has a 50 day moving average of $11.78 and a two-hundred day moving average of $12.58. The company has a current ratio of 1.17, a quick ratio of 1.00 and a debt-to-equity ratio of 0.66. Golden Ocean Group has a 12 month low of $8.42 and a 12 month high of $15.77.

Golden Ocean Group (NASDAQ:GOGL) last released its earnings results 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. 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 during the quarter, compared to analysts’ expectations of $187.74 million. On average, equities analysts forecast that Golden Ocean Group will post 1.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

GOGL has been the topic of a number of research reports. StockNews.com cut Golden Ocean Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 5th. Jefferies Financial Group lowered their price target on shares of Golden Ocean Group from $12.50 to $12.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, Pareto Securities reaffirmed a “hold” rating and set a $12.50 price objective on shares of Golden Ocean Group in a report on Thursday, November 21st.

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.