Keefe, Bruyette & Woods Cuts Blue Owl Technology Finance (NYSE:OTF) Price Target to $13.00

Blue Owl Technology Finance (NYSE:OTF) had its price target cut by Keefe, Bruyette & Woods from $16.00 to $13.00 in a report published on Monday morning,Benzinga reports. They currently have a market perform rating on the stock.

A number of other research analysts have also weighed in on OTF. Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Wells Fargo & Company cut their price objective on shares of Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Finally, Truist Financial decreased their target price on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Blue Owl Technology Finance Stock Down 0.2%

Blue Owl Technology Finance stock opened at $11.51 on Monday. Blue Owl Technology Finance has a 1-year low of $10.99 and a 1-year high of $21.62. The company has a market capitalization of $5.36 billion and a P/E ratio of 6.77.

Blue Owl Technology Finance (NYSE:OTF) last posted its quarterly earnings results on Wednesday, February 18th. The company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.02). Blue Owl Technology Finance had a return on equity of 6.91% and a net margin of 62.89%.The company had revenue of $320.58 million during the quarter, compared to the consensus estimate of $326.27 million.

Blue Owl Technology Finance declared that its Board of Directors has approved a stock repurchase plan on Wednesday, February 18th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Blue Owl Technology Finance Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 12.2%. The ex-dividend date of this dividend is Tuesday, March 31st. This is an increase from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s dividend payout ratio is currently 82.35%.

Institutional Trading of Blue Owl Technology Finance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Orange County Employees Retirement System bought a new stake in shares of Blue Owl Technology Finance during the 4th quarter valued at $116,497,000. Capricorn Investment Group LLC bought a new position in shares of Blue Owl Technology Finance in the 4th quarter worth about $78,915,000. Franklin Resources Inc. lifted its position in Blue Owl Technology Finance by 155,006.8% during the 4th quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock valued at $25,507,000 after acquiring an additional 1,753,127 shares during the period. Rivernorth Capital Management LLC boosted its stake in Blue Owl Technology Finance by 374.2% during the fourth quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company’s stock worth $28,131,000 after acquiring an additional 1,526,695 shares in the last quarter. Finally, Ares Management LLC boosted its stake in Blue Owl Technology Finance by 111.5% during the fourth quarter. Ares Management LLC now owns 1,140,168 shares of the company’s stock worth $16,578,000 after acquiring an additional 601,104 shares in the last quarter.

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.