Orion Engineered Carbons (NYSE:OEC) Shares Gap Up Following Better-Than-Expected Earnings

Posted by on May 6th, 2023

Shares of Orion Engineered Carbons S.A. (NYSE:OEC – Get Rating) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $23.16, but opened at $25.45. Orion Engineered Carbons shares last traded at $25.61, with a volume of 133,385 shares traded.

The specialty chemicals company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.11. Orion Engineered Carbons had a return on equity of 28.89% and a net margin of 5.23%. The business had revenue of $500.70 million for the quarter, compared to analysts’ expectations of $522.19 million. During the same quarter last year, the firm earned $0.57 earnings per share. The business’s revenue was up 3.3% on a year-over-year basis.

Orion Engineered Carbons Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 6th. Stockholders of record on Wednesday, May 17th will be issued a dividend of $0.021 per share. This is a boost from Orion Engineered Carbons’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend is Tuesday, May 16th. This represents a $0.08 annualized dividend and a dividend yield of 0.34%. Orion Engineered Carbons’s dividend payout ratio (DPR) is 4.60%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Credit Suisse Group assumed coverage on Orion Engineered Carbons in a report on Monday, March 13th. They set an “outperform” rating and a $31.00 price objective on the stock. JPMorgan Chase & Co. cut Orion Engineered Carbons from an “overweight” rating to a “neutral” rating and set a $26.00 price objective on the stock. in a report on Friday, April 14th. TheStreet upgraded Orion Engineered Carbons from a “c+” rating to a “b-” rating in a report on Tuesday, January 31st. StockNews.com cut Orion Engineered Carbons from a “buy” rating to a “hold” rating in a report on Tuesday, April 18th. Finally, UBS Group lifted their target price on Orion Engineered Carbons from $23.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, January 11th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Orion Engineered Carbons has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Insider Activity at Orion Engineered Carbons

In other news, CFO Jeffrey Glajch bought 10,000 shares of Orion Engineered Carbons stock in a transaction that occurred on Wednesday, March 15th. The shares were purchased at an average price of $23.82 per share, for a total transaction of $238,200.00. Following the completion of the acquisition, the chief financial officer now owns 60,666 shares of the company’s stock, valued at $1,445,064.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Jeffrey Glajch acquired 10,000 shares of the business’s stock in a transaction on Wednesday, March 15th. The shares were bought at an average cost of $23.82 per share, with a total value of $238,200.00. Following the completion of the transaction, the chief financial officer now directly owns 60,666 shares of the company’s stock, valued at approximately $1,445,064.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Carlos Quinones acquired 3,800 shares of the business’s stock in a transaction on Monday, March 13th. The stock was bought at an average cost of $23.98 per share, for a total transaction of $91,124.00. Following the completion of the transaction, the vice president now directly owns 52,335 shares of the company’s stock, valued at $1,254,993.30. The disclosure for this purchase can be found here. 6.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OEC. Strs Ohio purchased a new position in Orion Engineered Carbons in the first quarter valued at about $41,000. Covestor Ltd purchased a new stake in shares of Orion Engineered Carbons during the first quarter worth about $48,000. Tower Research Capital LLC TRC increased its position in shares of Orion Engineered Carbons by 149.4% during the third quarter. Tower Research Capital LLC TRC now owns 5,158 shares of the specialty chemicals company’s stock worth $69,000 after acquiring an additional 3,090 shares during the last quarter. Point72 Middle East FZE purchased a new stake in shares of Orion Engineered Carbons during the fourth quarter worth about $73,000. Finally, Lazard Asset Management LLC purchased a new stake in shares of Orion Engineered Carbons during the fourth quarter worth about $85,000. 91.98% of the stock is owned by hedge funds and other institutional investors.

Orion Engineered Carbons Stock Performance

The firm has a market capitalization of $1.48 billion, a PE ratio of 14.37 and a beta of 1.65. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.41 and a quick ratio of 0.91. The stock has a 50-day moving average price of $25.00 and a 200-day moving average price of $21.01.

About Orion Engineered Carbons

(Get Rating)

Orion Engineered Carbons SA engages in the production and supply of carbon black. It operates through the following segments: Specialty Carbon Black and Rubber Carbon Black. The Specialty Carbon Black segment manufactures specialty carbon black at multiple sites for a broad range of specialized applications.

Featured Stories

Receive News & Ratings for Orion Engineered Carbons Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Orion Engineered Carbons and related companies with MarketBeat.com's FREE daily email newsletter.