Octave Specialty Group (NYSE:OSG) Releases Earnings Results, Beats Estimates By $0.35 EPS

Key Points

• Octave Specialty Group beat earnings expectations for the quarter, reporting $0.37 EPS versus the $0.02 consensus estimate, a surprise of $0.35 per share.
• Revenue also came in far above forecasts at $104.17 million, compared with analysts’ expectations of $17.77 million, though the company still posted a negative net margin and negative return on equity.
• The stock fell after the report, trading down to $5.36 on heavier-than-average volume, while analysts currently have an average Hold rating and a $15.00 price target.

Octave Specialty Group (NYSE:OSG - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.35, FiscalAI reports. Octave Specialty Group had a negative net margin of 75.91% and a negative return on equity of 0.53%. The company had revenue of $104.17 million for the quarter, compared to the consensus estimate of $17.77 million.

Octave Specialty Group Stock Performance

Shares of OSG traded down $0.70 during midday trading on Friday, hitting $5.36. 1,645,085 shares of the stock traded hands, compared to its average volume of 712,458. Octave Specialty Group has a 1-year low of $3.88 and a 1-year high of $10.38. The firm has a market capitalization of $241.05 million, a PE ratio of -1.10 and a beta of 0.79. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.06 and a current ratio of 1.06. The business's 50 day moving average price is $4.84 and its two-hundred day moving average price is $6.15.

Wall Street Analyst Weigh In

OSG has been the topic of several research reports. Weiss Ratings upgraded shares of Octave Specialty Group from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, April 24th. Wall Street Zen raised Octave Specialty Group from a "strong sell" rating to a "hold" rating in a report on Saturday, February 28th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Octave Specialty Group currently has an average rating of "Hold" and an average price target of $15.00.

Institutional Trading of Octave Specialty Group

Several hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP acquired a new position in Octave Specialty Group during the 4th quarter valued at about $13,114,000. Gendell Jeffrey L acquired a new stake in shares of Octave Specialty Group in the fourth quarter valued at approximately $12,210,000. Geode Capital Management LLC acquired a new stake in shares of Octave Specialty Group in the fourth quarter valued at approximately $7,973,000. State Street Corp bought a new stake in shares of Octave Specialty Group during the fourth quarter valued at approximately $7,339,000. Finally, Nuveen LLC acquired a new position in shares of Octave Specialty Group during the fourth quarter worth approximately $6,304,000. 80.92% of the stock is currently owned by institutional investors.

About Octave Specialty Group

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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