Golden Ocean Group (NASDAQ:GOGL) saw a large decline in short interest in February. As of February 28th, there was short interest totalling 1,080,591 shares, a decline of 24.5% from the February 15th total of 1,430,588 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 233,978 shares, the short-interest ratio is presently 4.6 days.
A number of large investors have recently bought and sold shares of the stock. Northern Trust Corp raised its position in Golden Ocean Group by 3.3% during the second quarter. Northern Trust Corp now owns 29,988 shares of the shipping company’s stock valued at $202,000 after buying an additional 970 shares during the period. Ameriprise Financial Inc. raised its position in Golden Ocean Group by 10.7% during the second quarter. Ameriprise Financial Inc. now owns 19,106 shares of the shipping company’s stock valued at $128,000 after buying an additional 1,840 shares during the period. WealthTrust Axiom LLC raised its position in Golden Ocean Group by 24.0% during the fourth quarter. WealthTrust Axiom LLC now owns 31,671 shares of the shipping company’s stock valued at $258,000 after buying an additional 6,140 shares during the period. Goldman Sachs Group Inc. raised its position in Golden Ocean Group by 34.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 54,452 shares of the shipping company’s stock valued at $443,000 after buying an additional 14,016 shares during the period. Finally, JPMorgan Chase & Co. acquired a new position in Golden Ocean Group during the third quarter valued at $128,000. 26.92% of the stock is currently owned by hedge funds and other institutional investors.
GOGL has been the topic of a number of research reports. BidaskClub downgraded Golden Ocean Group from a “hold” rating to a “sell” rating in a research note on Thursday, December 21st. Morgan Stanley downgraded Golden Ocean Group from an “overweight” rating to an “equal weight” rating and set a $10.00 price objective on the stock. in a research note on Monday, February 12th. Clarkson Capital raised Golden Ocean Group from a “neutral” rating to a “buy” rating in a research note on Monday, February 12th. TheStreet raised Golden Ocean Group from a “d+” rating to a “c” rating in a research note on Tuesday, February 20th. Finally, JPMorgan Chase boosted their target price on Golden Ocean Group from $11.00 to $11.50 and gave the stock an “overweight” rating in a research report on Friday, March 23rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $10.38.
Shares of Golden Ocean Group stock traded down $0.35 on Friday, reaching $7.28. 141,100 shares of the company were exchanged, compared to its average volume of 208,287. The firm has a market capitalization of $1,100.61, a PE ratio of -364.00 and a beta of 1.95. The company has a quick ratio of 2.34, a current ratio of 2.45 and a debt-to-equity ratio of 0.79. Golden Ocean Group has a fifty-two week low of $5.43 and a fifty-two week high of $9.95.
Golden Ocean Group (NASDAQ:GOGL) last announced its earnings results on Tuesday, February 20th. The shipping company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. The company had revenue of $151.45 million for the quarter, compared to analyst estimates of $104.91 million. Golden Ocean Group had a negative return on equity of 0.17% and a negative net margin of 0.51%. analysts expect that Golden Ocean Group will post 0.6 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 22nd. Investors of record on Monday, March 5th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 5.49%. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, March 2nd. Golden Ocean Group’s payout ratio is presently -2,000.00%.
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About Golden Ocean Group
Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. It owns and operates a fleet of dry bulk vessels, including Newcastlemax, Capesize, Kamsarmax, Panamax, and Supramax vessels. The company transports bulk commodities, such as ores, coal, grains, and fertilizers along worldwide shipping routes.
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