Oaktree Capital Group LLC Downgraded by Bank of America Corp. to “Neutral” (OAK)
Oaktree Capital Group LLC (NYSE:OAK) was downgraded by analysts at Bank of America Corp. from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday, AnalystRatingsNetwork.com reports. They currently have a $58.00 target price on the stock, down from their previous target price of $62.00. Bank of America Corp.’s target price would indicate a potential upside of 8.35% from the company’s current price.
The analysts wrote, “We are downgrading Oaktree from Buy to Neutral given expectations of lower DE (distributable earnings) and distributions, due to the timing of the fund cycle. While we view Oaktree as a premiere alternative asset manager that is well positioned over the long run, given the more subdued near term outlook (cyclically driven) and our below Street estimates, we see limited upside. Oaktree has posted robust distributions over the past year given the seasoning and strong performance of its large distressed fund (Opps VIIb), but given some expected moderation ahead in VIIb as the fund continues to wind down and some expected time lag before other funds become eligible to start paying out incentive fees, we expect the level of distributions/dividends to moderate in the near term.”
Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Oaktree Capital Group LLC (NYSE:OAK) from $61.00 to $62.00 in a research note to investors on Tuesday, July 16th. They now have a “neutral” rating on the stock.
Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $60.80.
Shares of Oaktree Capital Group LLC (NYSE:OAK) traded down 0.07% on Monday, hitting $53.49. 21,731 shares of the company’s stock traded hands. Oaktree Capital Group LLC has a 52 week low of $38.31 and a 52 week high of $59.50. The stock’s 50-day moving average is $52.89 and its 200-day moving average is $52.56. The company has a market cap of $2.045 billion and a price-to-earnings ratio of 9.26.
Oaktree Capital Group LLC (NYSE:OAK) last released its earnings data on Tuesday, August 6th. The company reported $1.75 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.62 by $0.13. The company had revenue of $555.10 million for the quarter, compared to the consensus estimate of $543.91 million. During the same quarter in the previous year, the company posted $0.89 earnings per share. The company’s revenue for the quarter was up 62.7% on a year-over-year basis. On average, analysts predict that Oaktree Capital Group LLC will post $5.80 earnings per share for the current fiscal year.
Oaktree Capital Group, LLC (NYSE:OAK) is a global investment management firm focused on alternative markets.
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