Golden Ocean Group (NASDAQ:GOGL) Shares Down 3.3% - Here's Why

Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report) fell 3.3% during mid-day trading on Tuesday . The company traded as low as $7.47 and last traded at $7.51. 449,299 shares were traded during trading, a decline of 80% from the average session volume of 2,269,462 shares. The stock had previously closed at $7.77.

Analysts Set New Price Targets

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

Golden Ocean Group Price Performance

The stock has a fifty day simple moving average of $7.51 and a two-hundred day simple moving average of $8.61. The company has a market cap of $1.55 billion, a PE ratio of 6.39 and a beta of 1.06. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65.

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

Golden Ocean Group Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, June 5th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Thursday, June 5th. Golden Ocean Group's dividend payout ratio (DPR) is 35.09%.

Institutional Investors Weigh In On Golden Ocean Group

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Golden Ocean Group by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,798,672 shares of the shipping company's stock worth $50,978,000 after acquiring an additional 71,918 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Golden Ocean Group by 2,369.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,679,821 shares of the shipping company's stock worth $21,386,000 after acquiring an additional 2,571,296 shares in the last quarter. Encompass Capital Advisors LLC boosted its stake in shares of Golden Ocean Group by 1,402.3% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,905,407 shares of the shipping company's stock worth $17,072,000 after acquiring an additional 1,778,571 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Golden Ocean Group by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,663,334 shares of the shipping company's stock worth $14,903,000 after acquiring an additional 9,041 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Golden Ocean Group by 2.1% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,651,405 shares of the shipping company's stock worth $14,797,000 after acquiring an additional 33,241 shares in the last quarter. Hedge funds and other institutional investors own 22.00% of the company's stock.

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.