Blue Owl Technology Finance (NYSE:OTF) Issues Earnings Results

Blue Owl Technology Finance (NYSE:OTF) released its earnings results on Wednesday. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02), FiscalAI reports. The firm had revenue of $325.94 million for the quarter. Blue Owl Technology Finance had a return on equity of 7.33% and a net margin of 32.78%.During the same period in the previous year, the business posted $0.41 EPS.

Blue Owl Technology Finance Stock Down 1.3%

Shares of NYSE OTF traded down $0.15 during mid-day trading on Friday, hitting $10.89. The company had a trading volume of 1,016,178 shares, compared to its average volume of 2,156,983. The company has a market cap of $5.03 billion and a P/E ratio of 12.09. The company has a 50-day moving average price of $11.75. Blue Owl Technology Finance has a one year low of $10.67 and a one year high of $21.62.

Blue Owl Technology Finance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 12.9%. The ex-dividend date is Tuesday, June 30th. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s dividend payout ratio is 155.56%.

Insider Transactions at Blue Owl Technology Finance

In other news, Director Chris Temple bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was acquired at an average cost of $11.49 per share, for a total transaction of $57,450.00. Following the purchase, the director owned 5,000 shares of the company’s stock, valued at approximately $57,450. This trade represents a ? increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Blue Owl Technology Finance

Several hedge funds have recently bought and sold shares of OTF. QP Wealth Management LLC acquired a new stake in Blue Owl Technology Finance in the 4th quarter valued at about $168,000. Wealth Enhancement Advisory Services LLC lifted its stake in Blue Owl Technology Finance by 137.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 73,992 shares of the company’s stock valued at $1,044,000 after purchasing an additional 42,888 shares during the last quarter. Norden Group LLC acquired a new stake in Blue Owl Technology Finance in the 4th quarter valued at about $169,000. Pallas Capital Advisors LLC lifted its stake in Blue Owl Technology Finance by 642.4% in the 4th quarter. Pallas Capital Advisors LLC now owns 85,480 shares of the company’s stock valued at $1,243,000 after purchasing an additional 73,966 shares during the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. lifted its stake in Blue Owl Technology Finance by 121.0% in the 4th quarter. Generali Investments CEE investicni spolecnost a.s. now owns 48,426 shares of the company’s stock valued at $704,000 after purchasing an additional 26,510 shares during the last quarter.

Blue Owl Technology Finance declared that its Board of Directors has authorized a stock buyback plan on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to buy up to 5.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OTF. Keefe, Bruyette & Woods lowered their target price on Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating for the company in a report on Monday, February 23rd. Wells Fargo & Company lowered their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Friday. Zacks Research upgraded Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Truist Financial lowered their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Finally, Citizens Jmp lowered their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a report on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $14.25.

About Blue Owl Technology Finance

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.