StockNews.com Begins Coverage on Golden Ocean Group (NASDAQ:GOGL)

StockNews.com assumed coverage on shares of Golden Ocean Group (NASDAQ:GOGL – Get Rating) in a research report released on Thursday morning. The firm issued a hold rating on the shipping company’s stock.

Other analysts also recently issued research reports about the company. Pareto Securities downgraded Golden Ocean Group from a hold rating to a sell rating in a research report on Monday, February 13th. Jefferies Financial Group reiterated a hold rating and issued a $9.50 price objective on shares of Golden Ocean Group in a research report on Thursday, February 16th.

Golden Ocean Group Trading Down 3.5 %

Shares of GOGL stock traded down $0.34 during mid-day trading on Thursday, reaching $9.24. The stock had a trading volume of 2,618,547 shares, compared to its average volume of 2,127,292. The firm’s 50 day simple moving average is $9.57 and its 200 day simple moving average is $9.00. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.41 and a quick ratio of 1.41. Golden Ocean Group has a one year low of $7.24 and a one year high of $16.46.

Golden Ocean Group Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 9th. Investors of record on Tuesday, February 28th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, February 27th. This represents a $0.80 annualized dividend and a dividend yield of 8.66%. Golden Ocean Group’s dividend payout ratio (DPR) is presently 34.93%.

Hedge Funds Weigh In On Golden Ocean Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Two Sigma Investments LP lifted its position in shares of Golden Ocean Group by 279.5% during the 3rd quarter. Two Sigma Investments LP now owns 1,291,436 shares of the shipping company’s stock worth $9,647,000 after buying an additional 951,096 shares during the period. Seven Eight Capital LP acquired a new stake in Golden Ocean Group during the 3rd quarter valued at $600,000. Allspring Global Investments Holdings LLC acquired a new stake in Golden Ocean Group during the 3rd quarter valued at $982,000. Optiver Holding B.V. acquired a new stake in Golden Ocean Group during the 3rd quarter valued at $60,000. Finally, Redhawk Wealth Advisors Inc. increased its holdings in Golden Ocean Group by 48.7% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 73,307 shares of the shipping company’s stock valued at $853,000 after purchasing an additional 23,995 shares in the last quarter. Institutional investors own 37.16% of the company’s stock.

Golden Ocean Group Company Profile

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Golden Ocean Group Ltd. engages in the ownership and operation of dry bulk vessels. It manages Newcastlemax, Capesize, Panamax, and Ultramax vessels and transports bulk commodities, including ores, coal, grains, and fertilizers. It is also involved in the charter, purchase, and sale of vessels. The company was founded on September 18, 1996 and is headquartered in Hamilton, Bermuda.