Golden Ocean Group (NASDAQ:GOGL) Shares Gap Up - Here's What Happened

Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $7.46, but opened at $7.70. Golden Ocean Group shares last traded at $7.69, with a volume of 379,218 shares trading hands.

Analyst Upgrades and Downgrades

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

Golden Ocean Group Stock Performance

The company has a 50 day moving average of $7.53 and a 200 day moving average of $8.68. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.65. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 6.35 and a beta of 1.06.

Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The shipping company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.09). The company had revenue of $115.00 million during the quarter, compared to analyst estimates of $106.48 million. Golden Ocean Group had a net margin of 23.89% and a return on equity of 13.14%. As a group, equities research analysts expect that Golden Ocean Group Limited will post 1.14 EPS for the current fiscal year.

Golden Ocean Group Cuts Dividend

The firm also recently announced a dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Thursday, June 5th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, June 5th. Golden Ocean Group's payout ratio is 35.09%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. MetLife Investment Management LLC lifted its holdings in shares of Golden Ocean Group by 1.7% in the 4th quarter. MetLife Investment Management LLC now owns 71,533 shares of the shipping company's stock worth $641,000 after purchasing an additional 1,201 shares during the last quarter. State of Wyoming increased its position in Golden Ocean Group by 10.3% in the fourth quarter. State of Wyoming now owns 13,596 shares of the shipping company's stock worth $122,000 after buying an additional 1,268 shares during the period. Deutsche Bank AG boosted its holdings in shares of Golden Ocean Group by 0.4% during the first quarter. Deutsche Bank AG now owns 340,813 shares of the shipping company's stock valued at $2,720,000 after acquiring an additional 1,400 shares during the period. Onyx Bridge Wealth Group LLC grew its position in shares of Golden Ocean Group by 4.5% during the first quarter. Onyx Bridge Wealth Group LLC now owns 36,682 shares of the shipping company's stock worth $293,000 after acquiring an additional 1,591 shares during the last quarter. Finally, Swiss National Bank increased its holdings in shares of Golden Ocean Group by 0.6% in the 4th quarter. Swiss National Bank now owns 257,524 shares of the shipping company's stock worth $2,259,000 after acquiring an additional 1,658 shares during the period. 22.00% of the stock is owned by institutional investors and hedge funds.

Golden Ocean Group Company Profile

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.