Golden Ocean Group (NASDAQ:GOGL) Price Target Cut to $8.00 by Analysts at Jefferies Financial Group

Golden Ocean Group (NASDAQ:GOGL) had its price target decreased by Jefferies Financial Group from $10.00 to $8.00 in a report issued on Wednesday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the shipping company’s stock.

Golden Ocean Group Price Performance

Golden Ocean Group stock opened at $7.65 on Wednesday. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 6.32 and a beta of 1.10. The firm has a 50-day moving average of $8.11 and a two-hundred day moving average of $9.40. Golden Ocean Group has a 1 year low of $6.27 and a 1 year high of $15.77. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.22 and a quick ratio of 1.22.

Golden Ocean Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Tuesday, March 11th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, March 11th. This represents a $0.60 annualized dividend and a yield of 7.85%. Golden Ocean Group’s payout ratio is currently 53.57%.

Institutional Investors Weigh In On Golden Ocean Group

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Golden Ocean Group by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 5,798,672 shares of the shipping company’s stock valued at $50,978,000 after buying an additional 71,918 shares during the period. Encompass Capital Advisors LLC increased its position in 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 valued at $17,072,000 after purchasing an additional 1,778,571 shares during the period. Geode Capital Management LLC raised its holdings in shares of Golden Ocean Group by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,663,334 shares of the shipping company’s stock valued at $14,903,000 after purchasing an additional 9,041 shares in the last quarter. Bridgeway Capital Management LLC lifted its position in shares of Golden Ocean Group by 2.1% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,651,405 shares of the shipping company’s stock worth $14,797,000 after purchasing an additional 33,241 shares during the period. Finally, Mirabella Financial Services LLP boosted its stake in shares of Golden Ocean Group by 114.2% during the fourth quarter. Mirabella Financial Services LLP now owns 1,499,244 shares of the shipping company’s stock valued at $13,222,000 after purchasing an additional 799,244 shares in the last quarter. 22.00% of the stock is currently owned by hedge funds and other institutional investors.

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.