OFS Credit (NASDAQ:OCCI) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of OFS Credit (NASDAQ:OCCI) from a hold rating to a buy rating in a research report sent to investors on Monday.

OFS Credit Stock Performance

OCCI opened at $4.74 on Monday. OFS Credit has a 1 year low of $4.31 and a 1 year high of $7.35. The company’s 50 day simple moving average is $4.79 and its 200 day simple moving average is $5.48. The stock has a market capitalization of $74.66 million, a PE ratio of -12.81 and a beta of 0.62.

OFS Credit (NASDAQ:OCCI) last posted its earnings results on Wednesday, December 10th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.04). The company had revenue of $11.97 million for the quarter, compared to analysts’ expectations of $12.77 million. As a group, sell-side analysts expect that OFS Credit will post 0.89 earnings per share for the current fiscal year.

OFS Credit Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, January 30th. Shareholders of record on Thursday, January 15th will be paid a dividend of $0.115 per share. The ex-dividend date is Thursday, January 15th. This represents a c) annualized dividend and a yield of 29.1%. OFS Credit’s payout ratio is presently -372.97%.

Hedge Funds Weigh In On OFS Credit

Hedge funds and other institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC raised its position in shares of OFS Credit by 21.6% during the 1st quarter. NewEdge Advisors LLC now owns 17,696 shares of the company’s stock worth $108,000 after purchasing an additional 3,138 shares during the period. Jane Street Group LLC bought a new position in OFS Credit during the 1st quarter worth $385,000. MinichMacGregor Wealth Management LLC acquired a new stake in OFS Credit in the second quarter worth $73,000. Naviter Wealth LLC acquired a new stake in OFS Credit in the second quarter worth $128,000. Finally, Prospera Financial Services Inc bought a new stake in OFS Credit in the second quarter valued at $74,000. 23.77% of the stock is currently owned by institutional investors and hedge funds.

About OFS Credit

OFS Credit Company, Inc (NASDAQ: OCCI) is a closed-end, externally managed business development company that primarily invests in senior secured loans to U.S. middle-market companies. As a registered investment company under the Investment Company Act of 1940, OFS Credit seeks to generate current income and capital appreciation by providing first-lien and second-lien debt financing to privately held and sponsor-backed businesses. The company targets borrowers with stable cash flows and defensible market positions across diverse industries, including business services, healthcare, manufacturing and technology.

The company’s investment portfolio is weighted toward floating-rate loan instruments and subordinated debt, complemented by selective equity and equity-related securities.