Golden Ocean Group (NASDAQ:GOGL) Reaches New 12-Month High at $14.88

Golden Ocean Group Limited (NASDAQ:GOGL)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $14.88 and last traded at $14.79, with a volume of 911967 shares. The stock had previously closed at $14.86.

Analysts Set New Price Targets

A number of analysts recently issued reports on GOGL shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Golden Ocean Group in a research report on Wednesday, February 28th. StockNews.com raised shares of Golden Ocean Group from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.50.

Golden Ocean Group Price Performance

The business has a fifty day moving average of $13.25 and a two-hundred day moving average of $10.78. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 26.54 and a beta of 1.32. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.05 and a current ratio of 1.23.

Golden Ocean Group (NASDAQ:GOGL) last released its quarterly earnings data on Wednesday, February 28th. The shipping company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.25 by $0.07. The firm had revenue of $196.75 million for the quarter, compared to the consensus estimate of $187.19 million. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. As a group, research analysts predict that Golden Ocean Group Limited will post 1.52 EPS for the current fiscal year.

Golden Ocean Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were paid a $0.30 dividend. The ex-dividend date was Tuesday, March 12th. This is an increase from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a yield of 8.15%. Golden Ocean Group’s payout ratio is 214.29%.

Institutional Investors Weigh In On Golden Ocean Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC increased its position in Golden Ocean Group by 8.5% during the first quarter. ProShare Advisors LLC now owns 22,128 shares of the shipping company’s stock worth $287,000 after acquiring an additional 1,742 shares during the period. Russell Investments Group Ltd. grew its position in shares of Golden Ocean Group by 463.6% during the 1st quarter. Russell Investments Group Ltd. now owns 610,850 shares of the shipping company’s stock worth $7,916,000 after purchasing an additional 502,476 shares in the last quarter. Sei Investments Co. bought a new position in shares of Golden Ocean Group during the first quarter worth approximately $677,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Golden Ocean Group in the first quarter valued at approximately $780,000. Finally, Susquehanna International Group Ltd. bought a new stake in shares of Golden Ocean Group in the first quarter valued at approximately $270,000. Institutional investors and hedge funds own 22.00% of the company’s stock.

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.