Golden Ocean Group (NASDAQ:GOGL) Shares Gap Down - Time to Sell?

Shares of Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $12.29, but opened at $11.78. Golden Ocean Group shares last traded at $11.82, with a volume of 369,935 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GOGL shares. Jefferies Financial Group cut their price target on Golden Ocean Group from $15.50 to $14.50 and set a "hold" rating for the company in a report on Wednesday, August 28th. StockNews.com downgraded Golden Ocean Group from a "buy" rating to a "hold" rating in a research note on Saturday, October 5th.

Golden Ocean Group Stock Down 4.4 %

The company's 50 day simple moving average is $12.18 and its 200-day simple moving average is $13.10. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.00 and a current ratio of 1.17. The firm has a market capitalization of $2.35 billion, a PE ratio of 10.97 and a beta of 1.17.

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

Golden Ocean Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Wednesday, September 11th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 10.21%. The ex-dividend date of this dividend was Wednesday, September 11th. Golden Ocean Group's dividend payout ratio (DPR) is 112.15%.

Institutional Investors Weigh In On Golden Ocean Group

Several hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its holdings in shares of Golden Ocean Group by 1,720.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,804 shares of the shipping company's stock worth $52,000 after acquiring an additional 3,595 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Golden Ocean Group by 2,319.5% during the second quarter. EverSource Wealth Advisors LLC now owns 9,170 shares of the shipping company's stock worth $127,000 after purchasing an additional 8,791 shares during the last quarter. Fifth Lane Capital LP bought a new position in shares of Golden Ocean Group during the 1st quarter valued at about $137,000. Lazard Asset Management LLC purchased a new position in shares of Golden Ocean Group during the 1st quarter valued at about $149,000. Finally, Bayesian Capital Management LP bought a new stake in Golden Ocean Group in the 1st quarter worth approximately $151,000. 22.00% of the stock is currently owned by 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.