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

Octave Specialty Group (NYSE:OSG) released its earnings results on Wednesday. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.35, FiscalAI reports. The business had revenue of $104.17 million for the quarter, compared to analysts’ expectations of $17.77 million. Octave Specialty Group had a negative return on equity of 0.55% and a negative net margin of 75.91%.

Octave Specialty Group Trading Down 11.5%

Shares of NYSE:OSG traded down $0.70 on Friday, reaching $5.36. 1,645,085 shares of the company traded hands, compared to its average volume of 900,130. The business’s 50-day simple moving average is $4.84 and its 200 day simple moving average is $6.15. Octave Specialty Group has a 52 week low of $3.88 and a 52 week high of $10.38. The stock has a market capitalization of $241.03 million, a P/E ratio of -1.10 and a beta of 0.79. The company has a current ratio of 1.05, a quick ratio of 1.06 and a debt-to-equity ratio of 0.14.

Institutional Trading of Octave Specialty Group

A number of institutional investors have recently modified their holdings of OSG. Millennium Management LLC boosted its holdings in shares of Octave Specialty Group by 142.7% during the first quarter. Millennium Management LLC now owns 508,686 shares of the company’s stock worth $4,451,000 after purchasing an additional 299,094 shares during the period. Empowered Funds LLC boosted its holdings in shares of Octave Specialty Group by 7.4% during the first quarter. Empowered Funds LLC now owns 195,127 shares of the company’s stock worth $1,707,000 after purchasing an additional 13,494 shares during the period. Creative Planning purchased a new stake in shares of Octave Specialty Group during the second quarter worth about $145,000. Rhumbline Advisers boosted its holdings in shares of Octave Specialty Group by 7.7% during the second quarter. Rhumbline Advisers now owns 74,916 shares of the company’s stock worth $532,000 after purchasing an additional 5,376 shares during the period. Finally, Norges Bank purchased a new stake in shares of Octave Specialty Group during the second quarter worth about $532,000. 80.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on OSG shares. Wall Street Zen raised Octave Specialty Group from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings raised Octave Specialty Group from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, April 24th. One 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.00.

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.