Owl Rock reports Q2 EPS 79c, consensus 37c » 18:3008/0408/04/20
Reported net asset value…
Reported net asset value per share was $14.52 at June 30 as compared to $14.09 at March 31. Craig W. Packer, CEO commented, "While this quarter was marked by unprecedented economic disruption, we believe our results highlight the strength of our team, credit quality and balance sheet. Our strategy of building a well-diversified, senior-oriented portfolio and conservative balance sheet has served our investors well and should allow us to deliver attractive returns in the future. As a result, we are well positioned to both support our existing borrowers where necessary and selectively pursue new opportunities, where we believe our scale, expertise and focus make us a partner of choice."
|Over a quarter ago|
Owl Rock reports Q1 NII 37c, consensus 38c » 16:4105/0505/05/20
Reports NAV per share of…
Reports NAV per share of $14.09.
Notable companies reporting after market close » 14:5005/0505/05/20
DIS, ATVI, EA, ALL, KLAC, VRSK, PRU, MTCH, ANET, OXY, PINS, EXPD, FMC, DVA, WU, BYND, ENPH, VOYA, PLNT, ORCC, MAT, SFM, CC, CAKE
Notable companies reporting after the market close, with earnings consensus, include Walt Disney (DIS), consensus 88C... Activision Blizzard (ATVI), consensus 38C... Electronic Arts (EA), consensus 98C... Allstate (ALL), consensus $3.50... KLA Corp. (KLAC), consensus $2.28... Verisk Analytics (VRSK), consensus $1.13... Prudential Financial (PRU), consensus $2.77... Match Group (MTCH), consensus 34C... Arista Networks (ANET), consensus $1.81... Occidental Petroleum (OXY), consensus (63C)... Pinterest (PINS), consensus (9C)... Expeditors (EXPD), consensus 64C... FMC Corp (FMC), consensus $1.78... DaVita (DVA), consensus $1.47... Western Union (WU), consensus 42c... Beyond Meat (BYND), consensus (6c)... Enphase Energy (ENPH), consensus 33c... Voya Financial (VOYA), consensus 88c... Planet Fitness (PLNT), consensus 35c... Owl Rock Capital (ORCC), consensus 38c... Mattel (MAT), consensus (41c)... Sprouts Farmers (SFM), consensus 54c... Chemours (CC), consensus 47c... Cheesecake Factory (CAKE), consensus (34c).
Owl Rock upgraded to Outperform at Raymond James on valuation » 07:5104/1604/16/20
Raymond James analyst…
Raymond James analyst Robert Dodd upgraded Owl Rock to Outperform from Market Perform with a $13.50 price target, saying the shares are trading at a meaningful discounted NAV/share fair value projection. Dodd tells investors in a research note that the company's fundamentals remain strong and that he does not believe any it is experiencing liquidity issues.
Owl Rock upgraded to Outperform from Market Perform at Raymond James » 04:5204/1604/16/20
Raymond James analyst…
Raymond James analyst Robert Dodd upgraded Owl Rock Capital to Outperform from Market Perform with a $13.50 price target.
Owl Rock upgraded to Buy from Neutral at BofA » 06:1904/1304/13/20
BofA analyst Derek Hewett…
BofA analyst Derek Hewett upgraded Owl Rock Capital to Buy from Neutral with a $15 price target. The valuations of business development companies already reflect a significant amount of liquidity and credit risk, but weak economic growth over an extended period of time could drive valuations lower, Hewett tells investors in a research note. The analyst, however, still sees attractive opportunities despite the challenging economic backdrop.
Owl Rock upgraded to Buy from Neutral at BofA » 06:0704/1304/13/20
BofA upgraded Owl Rock to…
BofA upgraded Owl Rock to Buy from Neutral.
Owl Rock downgraded to Neutral from Buy at Compass Point » 08:0404/0204/02/20
Compass Point analyst…
Compass Point analyst Casey Alexander downgraded Owl Rock to Neutral from Buy with a $12 price target.
Owl Rock board approves reduction of asset coverage requirement » 16:2804/0104/01/20
Owl Rock Capital…
Owl Rock Capital Corporation announced that, on March 31, 2020, its Board of Directors unanimously approved a reduction of the company's minimum asset coverage ratio from 200% to 150%, effective as of March 31, 2021, unless approved earlier by the Company's shareholders. Once the 150% asset coverage ratio becomes effective, the Company plans to target a debt to equity range of 0.90x to 1.25x and operate with an increased cushion to the regulatory threshold. The company believes this will enable it to potentially generate incrementally higher annual earnings for shareholders, while maintaining its direct origination strategy with no change to its investment philosophy. "This step will enhance our ability to deliver attractive returns to shareholders while continuing to prudently manage risk and maintain a very strong balance sheet," said Craig W. Packer, Chief Executive Officer of Owl Rock Capital Corporation. "It will also give us increased flexibility and capacity to continue to employ our strategy of originating high-quality, middle and upper-middle market loans." The company and the Board have determined that they will seek shareholder approval to reduce the company's asset coverage requirement at the upcoming annual shareholder meeting to be held on June 8, 2020 so that the 150% asset coverage ratio may become effective prior to March 31, 2021. If the company's shareholders approve the reduced asset coverage ratio it would take effect immediately after the annual meeting. Accordingly, the company has filed a proxy statement containing a proposal that, if approved, would permit the company to reduce its asset coverage requirement. As part of the proposal, the company is reducing its annual base management fee from 1.50% to 1.00% on all assets financed using leverage over 1.0x debt to equity, after the expiration of the fee waiver.
Owl Rock CEO says 'well-positioned to weather the current economic uncertainty' » 08:5203/2603/26/20
CEO Craig Packer said,…
CEO Craig Packer said, "I want to reiterate that while this environment is challenging and we do not know the full extent of the impact that the COVID-19 global pandemic will have on the economy, we feel we are well positioned given our late-cycle investing outlook over the past few years. My partners and I, along with our entire firm, are working hard to protect ORCC's investments and provide attractive returns to our investors even in this environment. We are in a strong position from a liquidity perspective and have capital to put to work in uncertain times. While we do not want to minimize the health risks and broader concerns associated with the current situation, we have worked very hard for the last four years to build our business, and we believe ORCC is well-positioned to weather the current market volatility and economic uncertainty."