Blue Owl Technology Finance (NYSE:OTF) Posts Earnings Results, Misses Estimates By $0.02 EPS
by Amy Steele · The Cerbat GemBlue Owl Technology Finance (NYSE:OTF – Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02), FiscalAI reports. Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.91%. The company had revenue of $325.94 million for the quarter. During the same quarter in the prior year, the firm posted $0.41 earnings per share.
Blue Owl Technology Finance Stock Down 5.8%
NYSE OTF traded down $0.68 during trading hours on Thursday, reaching $11.05. The company’s stock had a trading volume of 3,888,004 shares, compared to its average volume of 2,170,847. The business’s 50-day moving average is $11.75. Blue Owl Technology Finance has a 1 year low of $10.67 and a 1 year high of $21.62. The stock has a market cap of $5.10 billion and a P/E ratio of 6.50.
Blue Owl Technology Finance Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 12.7%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s payout ratio is presently 155.56%.
Blue Owl Technology Finance declared that its board has approved a share buyback program on Wednesday, February 18th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on OTF. Keefe, Bruyette & Woods lowered their price objective on Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating on the stock in a research report on Monday, February 23rd. Citizens Jmp lowered their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 22nd. Truist Financial lowered their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Wells Fargo & Company lowered their price objective on Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Finally, Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.50.
Get Our Latest Analysis on Blue Owl Technology Finance
Insider Buying and Selling
In other Blue Owl Technology Finance news, Director Chris Temple purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were bought at an average cost of $11.49 per share, with a total value of $57,450.00. Following the acquisition, the director owned 5,000 shares in the company, valued at approximately $57,450. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.05% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the business. Angeles Wealth Management LLC purchased a new position in Blue Owl Technology Finance in the 1st quarter worth approximately $166,000. Independent Financial Group LLC purchased a new stake in shares of Blue Owl Technology Finance during the 1st quarter worth approximately $478,000. Bank of New York Mellon Corp raised its holdings in shares of Blue Owl Technology Finance by 16.7% during the 1st quarter. Bank of New York Mellon Corp now owns 145,153 shares of the company’s stock worth $1,798,000 after acquiring an additional 20,728 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Blue Owl Technology Finance by 89.5% during the 1st quarter. Sanctuary Advisors LLC now owns 283,099 shares of the company’s stock worth $3,508,000 after acquiring an additional 133,722 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its holdings in shares of Blue Owl Technology Finance by 871.9% during the 1st quarter. Diversify Wealth Management LLC now owns 155,697 shares of the company’s stock worth $1,929,000 after acquiring an additional 139,677 shares in the last quarter.
Blue Owl Technology Finance Company Profile
Blue Owl Technology Finance (NYSE: OTF) is a publicly traded business development company (BDC) sponsored by alternative asset manager Blue Owl. The firm focuses on providing customized debt and structured capital solutions to technology and technology-enabled companies, with an emphasis on growth-stage and middle-market borrowers. As a BDC, its primary activities include originating, structuring and managing private credit investments tailored to the financing needs of fast-growing businesses.
Its investment approach typically centers on direct lending and credit-oriented products, including senior secured loans, unitranche and subordinated debt, as well as selective equity-linked instruments and structured financings.