Golden Ocean Group (NASDAQ:GOGL) Reaches New 1-Year High at $14.06

Shares of Golden Ocean Group Limited (NASDAQ:GOGL - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $14.06 and last traded at $14.02, with a volume of 224040 shares changing hands. The stock had previously closed at $13.82.

Wall Street Analysts Forecast Growth

GOGL has been the subject of a number of research reports. StockNews.com raised Golden Ocean Group from a "sell" rating to a "hold" rating in a research report on Monday, March 4th. BTIG Research reaffirmed a "neutral" rating on shares of Golden Ocean Group in a research report on Friday, January 5th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $15.00 target price on shares of Golden Ocean Group in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $12.50.

Golden Ocean Group Price Performance

The company has a 50-day moving average price of $12.83 and a two-hundred day moving average price of $10.43. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 1.05. The company has a market cap of $2.80 billion, a PE ratio of 25.09 and a beta of 1.39.

Golden Ocean Group (NASDAQ:GOGL - Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.25 by $0.07. Golden Ocean Group had a return on equity of 5.91% and a net margin of 12.68%. The business had revenue of $196.75 million for the quarter, compared to analysts' expectations of $187.19 million. Sell-side analysts expect that Golden Ocean Group Limited will post 1.52 earnings per share for the current fiscal year.

Golden Ocean Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were paid a $0.30 dividend. This is a boost from Golden Ocean Group's previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $1.20 annualized dividend and a dividend yield of 8.54%. Golden Ocean Group's payout ratio is 214.29%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. lifted its stake in shares of Golden Ocean Group by 166.7% in the first quarter. Assenagon Asset Management S.A. now owns 85,562 shares of the shipping company's stock worth $1,109,000 after acquiring an additional 53,483 shares in the last quarter. Harbour Capital Advisors LLC acquired a new position in shares of Golden Ocean Group in the first quarter worth about $691,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Golden Ocean Group in the first quarter worth about $684,000. Quadrature Capital Ltd acquired a new position in shares of Golden Ocean Group in the fourth quarter worth about $171,000. Finally, Hsbc Holdings PLC lifted its stake in shares of Golden Ocean Group by 108.5% in the fourth quarter. Hsbc Holdings PLC now owns 712,829 shares of the shipping company's stock worth $6,928,000 after acquiring an additional 370,918 shares in the last quarter. Institutional investors and hedge funds own 22.00% of the company's stock.

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.