Blue Owl Technology Finance (NYSE:OTF) Sets New 12-Month Low – What’s Next?

Blue Owl Technology Finance Corp. (NYSE:OTF)’s stock price reached a new 52-week low on Thursday. The stock traded as low as $9.73 and last traded at $9.6970, with a volume of 150746 shares trading hands. The stock had previously closed at $9.81.

Analysts Set New Price Targets

OTF has been the subject of several research analyst reports. Royal Bank Of Canada reissued a “sector perform” rating and set a $12.00 target price on shares of Blue Owl Technology Finance in a research note on Monday, August 17th. Citizens Jmp raised their price target on shares of Blue Owl Technology Finance from $16.00 to $17.00 and gave the company a “market outperform” rating in a research note on Friday, August 7th. Zacks Research raised shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Finally, Citigroup reiterated an “outperform” rating on shares of Blue Owl Technology Finance in a research report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $13.60.

Blue Owl Technology Finance Price Performance

The company has a fifty day moving average of $10.83 and a 200 day moving average of $11.03. The firm has a market capitalization of $4.45 billion, a P/E ratio of 12.13 and a beta of -0.73.

Blue Owl Technology Finance (NYSE:OTF) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.02. The firm had revenue of $338.03 million during the quarter. Blue Owl Technology Finance had a net margin of 28.69% and a return on equity of 7.17%. During the same quarter in the previous year, the business posted $0.45 EPS. On average, sell-side analysts forecast that Blue Owl Technology Finance Corp. will post 1.25 EPS for the current year.

Blue Owl Technology Finance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 14.4%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, September 30th. Blue Owl Technology Finance’s dividend payout ratio is currently 175.00%.

Hedge Funds Weigh In On Blue Owl Technology Finance

Hedge funds have recently bought and sold shares of the company. Engineers Gate Manager LP acquired a new position in Blue Owl Technology Finance in the second quarter valued at $320,000. Pinnacle Wealth Management Advisory Group LLC grew its holdings in Blue Owl Technology Finance by 2.2% during the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 44,161 shares of the company’s stock worth $457,000 after acquiring an additional 932 shares during the period. Integrated Wealth Concepts LLC grew its holdings in Blue Owl Technology Finance by 206.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 34,870 shares of the company’s stock worth $361,000 after acquiring an additional 23,509 shares during the period. Paragon Capital Management Ltd bought a new position in shares of Blue Owl Technology Finance in the 2nd quarter worth about $169,000. Finally, Corient Private Wealth LP raised its position in shares of Blue Owl Technology Finance by 219.7% in the 2nd quarter. Corient Private Wealth LP now owns 96,563 shares of the company’s stock worth $999,000 after acquiring an additional 66,363 shares in the last quarter.

About Blue Owl Technology Finance

Blue Owl Technology Finance Corp. (NYSE: OTF) is a business development company focused on providing financing to technology-related businesses. The company invests primarily in privately owned, middle-market companies that may require capital to support growth, acquisitions, recapitalizations, or other corporate activities.

Its investment portfolio generally consists of senior secured loans and other debt investments, with the potential for equity and equity-related investments. Blue Owl Technology Finance seeks to generate current income and, to a lesser extent, capital appreciation by investing across segments of the technology sector, including software, technology services, and other technology-enabled businesses.

The company is externally managed by an affiliate of Blue Owl Capital Inc, an alternative asset management firm.