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

Blue Owl Technology Finance (NYSE:OTF) posted its earnings results on Wednesday. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate 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 net margin of 32.78% and a return on equity of 7.33%. During the same period last year, the business posted $0.41 earnings per share.

Blue Owl Technology Finance Price Performance

OTF traded down $0.68 during midday trading on Thursday, hitting $11.05. 3,888,004 shares of the company traded hands, compared to its average volume of 1,862,733. The stock has a market cap of $5.10 billion and a P/E ratio of 9.24. Blue Owl Technology Finance has a 52-week low of $10.67 and a 52-week high of $21.62. The stock’s 50 day moving average price is $11.75.

Blue Owl Technology Finance Increases Dividend

The business 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. This represents a $1.40 annualized dividend and a yield of 12.7%. The ex-dividend date of this dividend is Tuesday, June 30th. 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%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on OTF shares. Keefe, Bruyette & Woods cut their target price on shares of 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 cut their target price on shares of Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Citizens Jmp cut their target price on shares of 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. Zacks Research raised shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Finally, Truist Financial cut their target price on shares of 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. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.50.

Blue Owl Technology Finance declared that its board has authorized a share buyback program on Wednesday, February 18th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 5.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, Director Chris Temple bought 5,000 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were acquired at an average price of $11.49 per share, for a total transaction of $57,450.00. Following the completion of the transaction, the director directly owned 5,000 shares in the company, valued at $57,450. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.05% of the stock is currently owned by company insiders.

Institutional Trading of Blue Owl Technology Finance

Several institutional investors have recently modified their holdings of OTF. Newbridge Financial Services Group Inc. acquired a new stake in shares of Blue Owl Technology Finance in the fourth quarter valued at about $44,000. Clearstead Advisors LLC acquired a new stake in shares of Blue Owl Technology Finance in the fourth quarter valued at about $124,000. Abel Hall LLC acquired a new stake in shares of Blue Owl Technology Finance in the first quarter valued at about $124,000. Kestra Advisory Services LLC acquired a new stake in shares of Blue Owl Technology Finance in the fourth quarter valued at about $128,000. Finally, Cornerstone Partners Capital Management LLC acquired a new stake in shares of Blue Owl Technology Finance in the fourth quarter valued at about $146,000.

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.