Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up - Should You Buy?

Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $8.99, but opened at $9.49. Golden Ocean Group shares last traded at $9.43, with a volume of 688,062 shares.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GOGL shares. Jefferies Financial Group cut their price objective 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, November 27th. Pareto Securities reiterated a "hold" rating and issued a $12.50 price target on shares of Golden Ocean Group in a report on Thursday, November 21st. Finally, StockNews.com cut Golden Ocean Group from a "buy" rating to a "hold" rating in a research note on Saturday, October 5th.

Golden Ocean Group Stock Up 3.8 %

The business's 50-day moving average is $10.03 and its 200-day moving average is $11.51. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 7.71 and a beta of 1.18. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65.

Golden Ocean Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 9th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 12.86%. The ex-dividend date of this dividend was Monday, December 9th. Golden Ocean Group's dividend payout ratio is currently 99.17%.

Institutional Investors Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Hong Kong Ltd purchased a new stake in shares of Golden Ocean Group in the 3rd quarter valued at $28,000. EverSource Wealth Advisors LLC grew its position in Golden Ocean Group by 2,319.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company's stock valued at $127,000 after acquiring an additional 8,791 shares in the last quarter. FMR LLC increased its stake in Golden Ocean Group by 146.8% during the third quarter. FMR LLC now owns 12,210 shares of the shipping company's stock worth $163,000 after purchasing an additional 7,263 shares during the period. Vanguard Personalized Indexing Management LLC lifted its position in shares of Golden Ocean Group by 16.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 16,420 shares of the shipping company's stock worth $225,000 after purchasing an additional 2,267 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Golden Ocean Group by 96.3% in the third quarter. Quantinno Capital Management LP now owns 19,740 shares of the shipping company's stock valued at $264,000 after purchasing an additional 9,684 shares during the period. 22.00% of the stock is owned by hedge funds and other institutional investors.

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.