Golden Ocean Group Limited (NASDAQ:GOGL) Sees Significant Growth in Short Interest

Golden Ocean Group Limited (NASDAQ:GOGL) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 3,790,000 shares, an increase of 8.9% from the March 31st total of 3,480,000 shares. Currently, 3.2% of the company’s shares are sold short. Based on an average daily trading volume, of 1,710,000 shares, the days-to-cover ratio is currently 2.2 days.

Golden Ocean Group Stock Up 1.6 %

GOGL stock traded up $0.22 during midday trading on Tuesday, hitting $14.09. 1,551,401 shares of the company’s stock were exchanged, compared to its average volume of 1,736,308. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 25.04 and a beta of 1.39. The company has a current ratio of 1.23, a quick ratio of 1.05 and a debt-to-equity ratio of 0.69. The firm has a 50 day moving average price of $12.89 and a 200-day moving average price of $10.51. Golden Ocean Group has a 12-month low of $6.89 and a 12-month high of $14.16.

Golden Ocean Group (NASDAQ:GOGL) last posted its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.07. The firm had revenue of $196.75 million for the quarter, compared to analysts’ expectations of $187.19 million. Golden Ocean Group had a net margin of 12.68% and a return on equity of 5.91%. On average, analysts anticipate that Golden Ocean Group will post 1.52 EPS for the current year.

Golden Ocean Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Wednesday, March 13th were issued a $0.30 dividend. This is a positive change from Golden Ocean Group’s previous quarterly dividend of $0.10. This represents a $1.20 annualized dividend and a yield of 8.52%. The ex-dividend date of this dividend was Tuesday, March 12th. Golden Ocean Group’s payout ratio is currently 214.29%.

Institutional Trading of Golden Ocean Group

Institutional investors and hedge funds have recently bought and sold shares of the company. VisionPoint Advisory Group LLC acquired a new stake in Golden Ocean Group during the fourth quarter worth about $41,000. Blue Trust Inc. bought a new stake in shares of Golden Ocean Group in the 4th quarter worth approximately $53,000. Vanguard Personalized Indexing Management LLC boosted its position in Golden Ocean Group by 39.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 16,405 shares of the shipping company’s stock valued at $129,000 after purchasing an additional 4,678 shares during the period. Commonwealth Equity Services LLC grew its stake in Golden Ocean Group by 64.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,626 shares of the shipping company’s stock worth $139,000 after buying an additional 6,884 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Golden Ocean Group by 39.3% in the third quarter. Principal Financial Group Inc. now owns 18,219 shares of the shipping company’s stock worth $144,000 after buying an additional 5,142 shares during the period. Institutional investors and hedge funds own 22.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GOGL. Jefferies Financial Group reiterated a “buy” rating and issued a $15.00 price target on shares of Golden Ocean Group in a report on Wednesday, February 28th. StockNews.com upgraded Golden Ocean Group from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Golden Ocean Group in a research report on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $12.50.

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.