Golden Ocean Group Ltd (NASDAQ:GOGL) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 708,148 shares, a decline of 30.8% from the August 15th total of 1,023,217 shares. Based on an average daily volume of 190,382 shares, the short-interest ratio is currently 3.7 days. Approximately 0.9% of the company’s stock are short sold.
NASDAQ GOGL opened at $9.14 on Tuesday. Golden Ocean Group has a one year low of $7.00 and a one year high of $9.94. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $1.27 billion, a PE ratio of -457.00 and a beta of 2.25.
Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings results on Friday, August 17th. The shipping company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.04. Golden Ocean Group had a net margin of 9.34% and a return on equity of 3.68%. The business had revenue of $140.89 million during the quarter, compared to analyst estimates of $98.87 million. equities analysts forecast that Golden Ocean Group will post 0.49 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 6th. Stockholders of record on Thursday, September 6th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 4.38%. The ex-dividend date of this dividend was Wednesday, September 5th. Golden Ocean Group’s dividend payout ratio (DPR) is presently -2,000.00%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Folketrygdfondet boosted its holdings in shares of Golden Ocean Group by 0.8% in the 2nd quarter. Folketrygdfondet now owns 7,405,969 shares of the shipping company’s stock valued at $64,358,000 after buying an additional 57,685 shares during the period. Platinum Investment Management Ltd. acquired a new position in Golden Ocean Group during the 2nd quarter valued at about $140,400,000. Marshall Wace LLP boosted its stake in Golden Ocean Group by 45.2% during the 2nd quarter. Marshall Wace LLP now owns 1,548,032 shares of the shipping company’s stock valued at $13,329,000 after purchasing an additional 482,130 shares during the period. Renaissance Technologies LLC boosted its stake in Golden Ocean Group by 27.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,530,646 shares of the shipping company’s stock valued at $13,291,000 after purchasing an additional 327,774 shares during the period. Finally, UBS Group AG boosted its stake in Golden Ocean Group by 296.6% during the 1st quarter. UBS Group AG now owns 863,021 shares of the shipping company’s stock valued at $6,861,000 after purchasing an additional 645,389 shares during the period. 22.96% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on the stock. Seaport Global Securities reissued a “buy” rating and issued a $13.00 target price on shares of Golden Ocean Group in a research report on Friday, August 17th. BidaskClub raised shares of Golden Ocean Group from a “strong sell” rating to a “sell” rating in a report on Thursday, August 30th. ValuEngine lowered shares of Golden Ocean Group from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Golden Ocean Group from $11.50 to $11.00 and set an “overweight” rating for the company in a report on Thursday, May 31st. Three research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $11.17.
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, Panamax, and Ultramax vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers.
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