Blue Owl Technology Finance (NYSE:OTF) Releases Quarterly Earnings Results

Blue Owl Technology Finance (NYSE:OTF) posted its quarterly earnings data on Wednesday. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02, FiscalAI reports. Blue Owl Technology Finance had a return on equity of 7.09% and a net margin of 28.69%.The business had revenue of $263.96 million for the quarter. During the same period in the prior year, the firm posted $0.45 EPS.

Blue Owl Technology Finance Price Performance

Blue Owl Technology Finance stock traded up $0.36 during mid-day trading on Friday, hitting $11.69. The company’s stock had a trading volume of 2,627,794 shares, compared to its average volume of 2,271,716. The stock has a market cap of $5.41 billion, a price-to-earnings ratio of 14.63 and a beta of -0.86. The business has a 50 day moving average price of $10.54 and a 200-day moving average price of $11.44. Blue Owl Technology Finance has a 12 month low of $9.75 and a 12 month high of $15.82.

Blue Owl Technology Finance Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 12.0%. The ex-dividend date is Wednesday, September 30th. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s dividend payout ratio is 155.56%.

Analyst Ratings Changes

OTF has been the topic of a number of research reports. Wells Fargo & Company lowered their price target on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Keefe, Bruyette & Woods dropped their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 12th. Truist Financial decreased their price objective on Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Citigroup reaffirmed an “outperform” rating on shares of Blue Owl Technology Finance in a report on Friday. Finally, Citizens Jmp increased their target price on shares of Blue Owl Technology Finance from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Friday. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.60.

Insider Activity

In related news, Director Chris Temple acquired 7,000 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were purchased at an average price of $10.71 per share, for a total transaction of $74,970.00. Following the completion of the acquisition, the director owned 12,000 shares in the company, valued at approximately $128,520. This represents a 140.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Melissa Weiler bought 10,000 shares of the stock in a transaction dated Wednesday, May 13th. The stock was bought at an average cost of $10.90 per share, with a total value of $109,000.00. Following the purchase, the director owned 10,000 shares in the company, valued at $109,000. The trade was a ? increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 18,000 shares of company stock worth $194,710. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Blue Owl Technology Finance

A number of large investors have recently added to or reduced their stakes in the company. Pettinga Financial Advisors LLC boosted its holdings in Blue Owl Technology Finance by 10.9% in the second quarter. Pettinga Financial Advisors LLC now owns 381,161 shares of the company’s stock valued at $3,945,000 after acquiring an additional 37,588 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in shares of Blue Owl Technology Finance by 161.3% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 58,210 shares of the company’s stock valued at $602,000 after purchasing an additional 35,932 shares during the period. Prota Financial LLC boosted its position in shares of Blue Owl Technology Finance by 46.8% during the second quarter. Prota Financial LLC now owns 87,842 shares of the company’s stock valued at $936,000 after purchasing an additional 27,997 shares in the last quarter. Confluence Investment Management LLC bought a new position in Blue Owl Technology Finance in the second quarter worth $322,000. Finally, PVG Asset Management Corp bought a new stake in shares of Blue Owl Technology Finance during the 1st quarter valued at $770,000.

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.