Wells Fargo & Co Upgrades Oaktree Specialty Lending (NASDAQ:OCSL) to “Overweight”

Oaktree Specialty Lending (NASDAQ:OCSL) was upgraded by analysts at Wells Fargo & Co from an “equal weight” rating to an “overweight” rating in a report released on Wednesday, MarketBeat.com reports. The brokerage currently has a $6.00 price objective on the credit services provider’s stock. Wells Fargo & Co‘s price target indicates a potential upside of 9.89% from the stock’s current price. The analysts noted that the move was a valuation call.

OCSL has been the subject of several other research reports. ValuEngine cut shares of Oaktree Specialty Lending from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Jefferies Financial Group initiated coverage on shares of Oaktree Specialty Lending in a research report on Thursday, October 10th. They set a “buy” rating and a $6.50 price objective for the company. Zacks Investment Research cut shares of Oaktree Specialty Lending from a “buy” rating to a “hold” rating in a research report on Saturday, November 23rd. Finally, TheStreet cut shares of Oaktree Specialty Lending from a “b” rating to a “c+” rating in a research report on Monday, December 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $6.38.

OCSL opened at $5.46 on Wednesday. Oaktree Specialty Lending has a twelve month low of $4.41 and a twelve month high of $5.75. The company has a 50-day simple moving average of $5.39 and a 200 day simple moving average of $5.27. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $774.58 million, a price-to-earnings ratio of 11.38, a P/E/G ratio of 5.72 and a beta of 0.51.

Oaktree Specialty Lending (NASDAQ:OCSL) last posted its quarterly earnings data on Wednesday, November 20th. The credit services provider reported $0.12 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.12. Oaktree Specialty Lending had a net margin of 85.42% and a return on equity of 7.43%. The business had revenue of $34.51 million during the quarter, compared to analysts’ expectations of $36.08 million. Sell-side analysts anticipate that Oaktree Specialty Lending will post 0.48 EPS for the current fiscal year.

In other news, major shareholder Leonard M. Tannenbaum sold 36,837 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $5.47, for a total value of $201,498.39. Following the completion of the transaction, the insider now owns 15,166,858 shares of the company’s stock, valued at $82,962,713.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Leonard M. Tannenbaum sold 77,000 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $5.48, for a total transaction of $421,960.00. Following the completion of the transaction, the insider now directly owns 15,166,858 shares of the company’s stock, valued at approximately $83,114,381.84. The disclosure for this sale can be found here. In the last three months, insiders bought 12,990 shares of company stock valued at $68,348 and sold 1,000,820 shares valued at $5,343,549. 0.16% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Confluence Investment Management LLC raised its holdings in Oaktree Specialty Lending by 0.6% in the 3rd quarter. Confluence Investment Management LLC now owns 320,412 shares of the credit services provider’s stock valued at $1,660,000 after buying an additional 1,974 shares during the last quarter. DNB Asset Management AS raised its holdings in Oaktree Specialty Lending by 2.0% in the 3rd quarter. DNB Asset Management AS now owns 132,800 shares of the credit services provider’s stock valued at $688,000 after buying an additional 2,600 shares during the last quarter. Gabelli Funds LLC raised its holdings in Oaktree Specialty Lending by 1.0% in the 3rd quarter. Gabelli Funds LLC now owns 374,493 shares of the credit services provider’s stock valued at $1,940,000 after buying an additional 3,723 shares during the last quarter. SMH Capital Advisors Inc. raised its holdings in Oaktree Specialty Lending by 1.6% in the 3rd quarter. SMH Capital Advisors Inc. now owns 242,605 shares of the credit services provider’s stock valued at $1,257,000 after buying an additional 3,901 shares during the last quarter. Finally, Smith Moore & CO. raised its holdings in Oaktree Specialty Lending by 6.9% in the 2nd quarter. Smith Moore & CO. now owns 69,973 shares of the credit services provider’s stock valued at $379,000 after buying an additional 4,501 shares during the last quarter. 50.14% of the stock is owned by hedge funds and other institutional investors.

About Oaktree Specialty Lending

Oaktree Specialty Lending Corporation is a business development company specializing in investments in middle market, bridge financing, first and second lien debt financing, mezzanine debt, senior and junior secured debt, expansions, sponsor-led acquisitions, and management buyouts in small and mid-sized companies.

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