Octave Specialty Group (NYSE:OSG) Posts Earnings Results, Misses Expectations By $0.03 EPS

Key Points

• Octave Specialty Group reported a quarterly loss of $0.04 per share, missing the consensus estimate by $0.03, while revenue of $83.0 million exceeded analyst expectations of $22.79 million.
• Shares fell $0.75 to $4.91 during Friday trading, leaving the company with a market capitalization of approximately $221 million and a negative net margin of 51.10%.
• Analysts have a consensus “Hold” rating and an average price target of $15.00; institutional investors and hedge funds own approximately 80.92% of the stock.

Octave Specialty Group (NYSE:OSG - Get Free Report) announced its earnings results on Thursday. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.03), Zacks reports. Octave Specialty Group had a positive return on equity of 0.43% and a negative net margin of 51.10%.The business had revenue of $83.00 million for the quarter, compared to analyst estimates of $22.79 million.

Octave Specialty Group Price Performance

Shares of NYSE OSG traded down $0.75 during midday trading on Friday, hitting $4.91. The stock had a trading volume of 1,124,866 shares, compared to its average volume of 317,304. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a 50 day simple moving average of $5.83 and a 200-day simple moving average of $5.48. The company has a market capitalization of $221.09 million, a PE ratio of -1.35 and a beta of 0.85. Octave Specialty Group has a 1 year low of $3.88 and a 1 year high of $10.38.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on OSG. Weiss Ratings cut shares of Octave Specialty Group from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday. Zacks Research cut shares of Octave Specialty Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $15.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. acquired a new stake in Octave Specialty Group during the 4th quarter worth $34,000. Russell Investments Group Ltd. raised its position in shares of Octave Specialty Group by 613.5% in the third quarter. Russell Investments Group Ltd. now owns 4,916 shares of the company's stock valued at $41,000 after buying an additional 4,227 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Octave Specialty Group in the fourth quarter valued at about $63,000. New York State Common Retirement Fund purchased a new position in shares of Octave Specialty Group in the fourth quarter worth about $78,000. Finally, Cerity Partners LLC purchased a new position in shares of Octave Specialty Group in the second quarter worth about $84,000. 80.92% of the stock is owned by institutional investors and hedge funds.

Octave Specialty Group Company Profile

Ambac Financial Group, Inc NYSE: AMBC is a specialized financial services holding company headquartered in New York City. Through its principal subsidiary, Ambac Assurance Corporation, the company provides financial guarantee insurance and surety bonds designed to enhance the credit quality of public finance and structured finance transactions. Ambac’s offerings are tailored to municipal issuers, financial institutions and corporate borrowers, supporting infrastructure projects, energy and transportation initiatives, as well as asset-backed securities.

Ambac’s core business activities center on credit enhancement and risk-transfer solutions.

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