Golden Ocean Group Limited (NASDAQ:GOGL) Short Interest Update

Key Points

• Short interest in Golden Ocean Group rose by 85.4% in July, totaling 10,140,000 shares, indicating a significant increase in bearish sentiment towards the stock.
• Analysts from Jefferies Financial Group and Wall Street Zen have both issued a "hold" rating on the company's stock, with Jefferies decreasing its price target from $10.00 to $8.00.
• In the second quarter, institutional investors increased their positions, with 22.00% of the stock currently owned by these investors, including notable increases from Bank of New York Mellon Corp and Signaturefd LLC.

Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 10,140,000 shares, anincreaseof85.4% from the June 30th total of 5,470,000 shares. Based on an average daily trading volume, of 2,570,000 shares, the short-interest ratio is currently 3.9 days. Approximately10.2% of the shares of the company are sold short. Approximately10.2% of the shares of the company are sold short. Based on an average daily trading volume, of 2,570,000 shares, the short-interest ratio is currently 3.9 days.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group lowered their price objective on shares of Golden Ocean Group from $10.00 to $8.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Wall Street Zen initiated coverage on shares of Golden Ocean Group in a research report on Thursday, May 22nd. They set a "hold" rating on the stock.

Golden Ocean Group Price Performance

GOGL stock traded down $0.30 during trading on Friday, hitting $8.52. The stock had a trading volume of 2,613,189 shares, compared to its average volume of 3,352,552. The company's 50 day moving average price is $8.04 and its two-hundred day moving average price is $8.14. Golden Ocean Group has a 1-year low of $6.27 and a 1-year high of $13.44. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 14.95 and a beta of 1.09. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.81 and a current ratio of 0.81.

Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The shipping company reported ($0.19) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.09). The company had revenue of $115.00 million for the quarter, compared to analyst estimates of $106.48 million. Golden Ocean Group had a net margin of 13.16% and a return on equity of 5.56%. On average, sell-side analysts forecast that Golden Ocean Group will post 1.14 EPS for the current fiscal year.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Thursday, June 5th were given a $0.05 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.20 annualized dividend and a yield of 2.3%. Golden Ocean Group's dividend payout ratio (DPR) is 35.09%.

Hedge Funds Weigh In On Golden Ocean Group

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC increased its position in Golden Ocean Group by 330.1% in the first quarter. CWM LLC now owns 3,402 shares of the shipping company's stock worth $27,000 after buying an additional 2,611 shares during the period. Sterling Capital Management LLC increased its position in Golden Ocean Group by 830.1% in the fourth quarter. Sterling Capital Management LLC now owns 3,897 shares of the shipping company's stock worth $35,000 after buying an additional 3,478 shares during the period. Signaturefd LLC increased its position in Golden Ocean Group by 5,777.4% in the second quarter. Signaturefd LLC now owns 4,937 shares of the shipping company's stock worth $36,000 after buying an additional 4,853 shares during the period. Quarry LP increased its position in Golden Ocean Group by 195.3% in the fourth quarter. Quarry LP now owns 4,981 shares of the shipping company's stock worth $45,000 after buying an additional 3,294 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in Golden Ocean Group by 47.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,294 shares of the shipping company's stock worth $47,000 after buying an additional 1,694 shares during the period. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

About Golden Ocean Group

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.