Orion Office REIT (NYSE:ONL) Share Price Breaks Above 200 Day Moving Average - Here's Why

Key Points

• Orion Office REIT shares rose above their 200-day moving average of $2.57, reaching $2.72 before last trading at $2.665 on volume of about 1.35 million shares.
• The company reported quarterly earnings of $0.20 per share, beating the consensus estimate of a $0.08 loss, and revenue of $35.43 million versus expectations of $33.69 million.
• Analyst views are mixed: MarketBeat’s consensus is “Hold” with a $3.50 target price, while Weiss Ratings reaffirmed a “Sell” rating. Orion also announced a $0.02 quarterly dividend, equivalent to a 3.0% annualized yield.

Orion Office REIT Inc. (NYSE:ONL - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $2.57 and traded as high as $2.72. Orion Office REIT shares last traded at $2.6650, with a volume of 1,347,968 shares trading hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Orion Office REIT in a report on Thursday, October 15th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Orion Office REIT currently has an average rating of "Hold" and a consensus target price of $3.50.

Orion Office REIT Stock Performance

The firm has a market capitalization of $151.45 million, a P/E ratio of -5.12 and a beta of 1.59. The company has a 50-day moving average of $2.42 and a 200-day moving average of $2.57. The company has a current ratio of 4.11, a quick ratio of 4.11 and a debt-to-equity ratio of 0.68.

Orion Office REIT (NYSE:ONL - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.28. Orion Office REIT had a negative return on equity of 14.85% and a negative net margin of 65.66%. The company had revenue of $35.43 million during the quarter, compared to analysts' expectations of $33.69 million.

Orion Office REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, December 31st. Orion Office REIT's payout ratio is presently -4.73%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Rangeley Capital LLC bought a new position in shares of Orion Office REIT in the first quarter valued at about $1,967,000. State Street Corp lifted its holdings in Orion Office REIT by 141.2% in the second quarter. State Street Corp now owns 573,274 shares of the company's stock worth $1,668,000 after buying an additional 335,600 shares during the period. Private Management Group Inc. lifted its position in shares of Orion Office REIT by 2.7% in the third quarter. Private Management Group Inc. now owns 5,500,856 shares of the company's stock valued at $13,697,000 after acquiring an additional 143,553 shares in the last quarter. AXQ Capital LP purchased a new position in shares of Orion Office REIT in the 2nd quarter valued at $121,000. Finally, Dupree Financial Group LLC acquired a new stake in shares of Orion Office REIT in the third quarter worth approximately $51,000. Institutional investors and hedge funds own 79.95% of the company's stock.

Orion Office REIT Company Profile

Orion Office REIT Inc NYSE: ONL is a real estate investment trust focused on owning and managing office properties. Its portfolio has primarily consisted of office buildings leased to single tenants, with an emphasis on properties occupied by creditworthy tenants and supported by long-term leases.

The company was formed through a 2021 spin-off from Realty Income Corporation. At the time of the separation, Orion Office REIT received a portfolio of office properties located across multiple U.S.

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