Golden Ocean Group (NASDAQ:GOGL) Downgraded to Hold at StockNews.com

StockNews.com cut shares of Golden Ocean Group (NASDAQ:GOGL - Free Report) from a buy rating to a hold rating in a research note published on Saturday morning.

Separately, Jefferies Financial Group cut their price objective on shares of Golden Ocean Group from $15.50 to $14.50 and set a hold rating for the company in a report on Wednesday, August 28th.

Golden Ocean Group Price Performance

NASDAQ:GOGL traded up $0.01 during trading hours on Friday, hitting $12.98. 911,831 shares of the stock traded hands, compared to its average volume of 1,618,052. The company has a market cap of $2.60 billion, a price-to-earnings ratio of 13.96 and a beta of 1.17. Golden Ocean Group has a 1 year low of $7.09 and a 1 year high of $15.77. The stock has a 50 day moving average price of $12.15 and a 200 day moving average price of $13.11. The company has a quick ratio of 1.00, a current ratio of 1.17 and a debt-to-equity ratio of 0.66.

Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The shipping company reported $0.32 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.04. Golden Ocean Group had a return on equity of 10.57% and a net margin of 22.01%. The business had revenue of $197.35 million for the quarter, compared to analysts' expectations of $187.74 million. Sell-side analysts forecast that Golden Ocean Group will post 1.35 EPS for the current fiscal year.

Golden Ocean Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Wednesday, September 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 9.24%. The ex-dividend date of this dividend was Wednesday, September 11th. Golden Ocean Group's payout ratio is presently 129.03%.

Institutional Trading of Golden Ocean Group

Hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC increased its position in Golden Ocean Group by 1,720.1% in the second quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company's stock worth $52,000 after purchasing an additional 3,595 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of 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. Fifth Lane Capital LP bought a new position in shares of Golden Ocean Group in the 1st quarter valued at about $137,000. Lazard Asset Management LLC purchased a new position in Golden Ocean Group in the first quarter worth about $149,000. Finally, Bayesian Capital Management LP purchased a new position in Golden Ocean Group in the first quarter worth about $151,000. 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.