Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down - What's Next?

Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $8.99, but opened at $8.81. Golden Ocean Group shares last traded at $8.94, with a volume of 378,204 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts 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. Pareto Securities reissued a "hold" rating and issued a $12.50 price objective on shares of Golden Ocean Group in a research note on Thursday, November 21st. Finally, Jefferies Financial Group lowered their target price on shares of Golden Ocean Group from $12.50 to $12.00 and set a "hold" rating on the stock in a research note on Wednesday, November 27th.

Golden Ocean Group Price Performance

The firm has a 50-day moving average of $9.80 and a 200-day moving average of $11.33. 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 stock has a market cap of $1.77 billion, a PE ratio of 7.32 and a beta of 1.18.

Golden Ocean Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Monday, December 9th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 13.54%. The ex-dividend date was Monday, December 9th. Golden Ocean Group's payout ratio is currently 99.17%.

Institutional Trading of Golden Ocean Group

Hedge funds have recently bought and sold shares of the stock. Point72 Hong Kong Ltd purchased a new position in shares of Golden Ocean Group during the third quarter valued at about $28,000. EverSource Wealth Advisors LLC grew its holdings in Golden Ocean Group by 2,319.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company's stock valued at $127,000 after buying an additional 8,791 shares in the last quarter. FMR LLC grew its holdings in Golden Ocean Group by 146.8% during the 3rd quarter. FMR LLC now owns 12,210 shares of the shipping company's stock valued at $163,000 after buying an additional 7,263 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in Golden Ocean Group by 16.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 16,420 shares of the shipping company's stock worth $225,000 after acquiring an additional 2,267 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Golden Ocean Group by 96.3% during the 3rd quarter. Quantinno Capital Management LP now owns 19,740 shares of the shipping company's stock worth $264,000 after acquiring an additional 9,684 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.