Golden Ocean Group (NASDAQ: GOGL) Sees Strong Trading Volume After Dividend Announcement
Golden Ocean Group Limited (NASDAQ: GOGL) recorded unusually high trading volume on Monday following the company’s dividend announcement. About 38,484 shares were traded at midday, a decrease of 97% from the volume of 1,205,323 shares in the previous session. The stock last traded at $ 9.37 and closed at $ 8.85. The newly announced dividend to be paid on Thursday December 16. Shareholders of record on Thursday December 9 will receive a dividend of $ 0.85. This is a boost from Golden Ocean Group’s previous quarterly dividend of $ 0.50. This represents an annualized dividend of $ 3.40 and a yield of 36.17%. The ex-dividend date is Wednesday December 8. Golden Ocean Group’s dividend payout ratio is currently 110.50%.
GOGL has been the subject of several analyst reports. HC Wainwright reaffirmed a “neutral” rating and issued a price target of $ 13.00 on Golden Ocean Group shares in a report released on Monday, September 13. TheStreet downgraded Golden Ocean Group from a “c” rating to a “b-” rating in a report released Thursday, August 26. One equity research analyst rated the stock with a conservation rating and three issued a buy rating for the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $ 12.17.
The company has a market cap of $ 1.35 billion, a PE ratio of 4.89 and a beta of 1.60. The company has a current ratio of 1.20, a quick ratio of 1.20, and a debt ratio of 0.76. The company has a fifty-day moving average price of $ 9.50 and a two hundred-day moving average price of $ 10.05.
Golden Ocean Group (NASDAQ: GOGL) last announced its results on Tuesday, November 23. The shipping company reported EPS of $ 0.95 for the quarter, beating analyst consensus estimates of $ 0.55 by $ 0.40. Golden Ocean Group recorded a return on equity of 21.07% and a net margin of 35.23%. In the same quarter of the previous year, the company posted earnings of $ 0.27 per share. On average, stock analysts forecast Golden Ocean Group Limited to post 1.82 earnings per share for the current fiscal year.
A number of institutional investors have recently changed their positions in GOGL. Cubist Systematic Strategies LLC purchased a new position in Golden Ocean Group during the 1st quarter for a value of approximately $ 360,000. Morgan Stanley increased its stake in Golden Ocean Group by 232.3% in the 1st quarter. Morgan Stanley now owns 1,651,679 shares of the shipping company valued at $ 11,074,000 after acquiring an additional 1,154,560 shares during the period. The Wisconsin State Investment Board increased its stake in Golden Ocean Group by 27.7% during the 1st quarter. The Wisconsin State Investment Board now owns 23,403 shares of the shipping company valued at $ 162,000 after acquiring an additional 5,080 shares during the period. Millennium Management LLC increased its stake in Golden Ocean Group by 261.0% in the 1st quarter. Millennium Management LLC now owns 134,722 shares of the shipping company valued at $ 903,000 after acquiring an additional 97,405 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Golden Ocean Group in the second quarter for a value of approximately $ 1,804,000. Institutional investors hold 36.04% of the shares of the company.
Golden Ocean Group Company Profile (NASDAQ: GOGL)
Golden Ocean Group Ltd. owns and operates dry bulk carriers. The company operates the Newcastlemax, Capesize, Panamax and Ultramax ships and transports bulk commodities including ores, coal, grains and fertilizers. It also involves the chartering, buying and selling of vessels. The company was founded on September 18, 1996 and is headquartered in Hamilton, Bermuda.
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