Cobalt Capital Management Inc. Takes Position in Blue Owl Capital Corporation $OBDC

Cobalt Capital Management Inc. bought a new stake in Blue Owl Capital Corporation (NYSE:OBDC) in the fourth quarter, HoldingsChannel reports. The fund bought 60,192 shares of the company’s stock, valued at approximately $748,000. Blue Owl Capital makes up approximately 0.3% of Cobalt Capital Management Inc.’s investment portfolio, making the stock its 24th biggest position.

A number of other large investors have also modified their holdings of OBDC. Lalia Capital LLC acquired a new stake in shares of Blue Owl Capital in the fourth quarter valued at about $37,991,000. UBS Group AG grew its stake in shares of Blue Owl Capital by 40.6% in the fourth quarter. UBS Group AG now owns 8,528,672 shares of the company’s stock valued at $106,011,000 after buying an additional 2,463,080 shares in the last quarter. Private Management Group Inc. acquired a new stake in shares of Blue Owl Capital in the fourth quarter valued at about $27,012,000. Wells Fargo & Company MN grew its stake in shares of Blue Owl Capital by 142.6% in the fourth quarter. Wells Fargo & Company MN now owns 3,440,960 shares of the company’s stock valued at $42,771,000 after buying an additional 2,022,806 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in Blue Owl Capital during the 3rd quarter valued at approximately $25,266,000. Institutional investors and hedge funds own 42.83% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on OBDC shares. Zacks Research upgraded Blue Owl Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, February 23rd. Truist Financial lowered their price objective on Blue Owl Capital from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Wells Fargo & Company lowered their price objective on Blue Owl Capital from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Wall Street Zen lowered Blue Owl Capital from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Keefe, Bruyette & Woods lowered their price objective on Blue Owl Capital from $12.50 to $12.00 and set a “market perform” rating for the company in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Blue Owl Capital Price Performance

Shares of OBDC opened at $10.83 on Thursday. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of 15.47 and a beta of 0.62. The stock has a 50 day moving average of $11.24 and a 200-day moving average of $11.76. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.18. Blue Owl Capital Corporation has a 52 week low of $10.52 and a 52 week high of $15.19.

Blue Owl Capital (NYSE:OBDC) last issued its earnings results on Wednesday, May 6th. The company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.04). The firm had revenue of $391.00 million during the quarter, compared to analyst estimates of $422.02 million. Blue Owl Capital had a return on equity of 9.76% and a net margin of 20.21%. As a group, analysts forecast that Blue Owl Capital Corporation will post 1.27 EPS for the current year.

Blue Owl Capital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.31 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.24 annualized dividend and a dividend yield of 11.5%. Blue Owl Capital’s dividend payout ratio (DPR) is presently 211.43%.

Blue Owl Capital announced that its Board of Directors has initiated a stock repurchase program on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Blue Owl Capital Profile

Blue Owl Capital Corporation (NYSE: OBDC) is a publicly traded business development company sponsored by Blue Owl Capital, a global alternative asset manager. Launched in 2020, the firm provides customized financing solutions to middle-market companies across various industries. As an externally managed BDC, Blue Owl Capital Corporation leverages the deep credit‐investment capabilities of its sponsor to deliver flexible capital tailored to the needs of growing businesses.

The company’s investment activities span a range of private credit products, including first‐lien senior secured loans, unitranche facilities, second‐lien financings, mezzanine debt, and minority equity co-investments.