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I have gathered 20 BDC short interest statistics. What I found out surprised me - i.e., my top (quality) BDC picks are among the most shorted ones. In the article I've unpacked this situation and explained the potential drivers from the short sellers' perspective.

Posted by Defense World Staff on Apr 15th, 2026

Shares of Oaktree Specialty Lending Corp. (NASDAQ:OCSL – Get Free Report) have earned a consensus recommendation of “Reduce” from the six analysts that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $12.1667.

Several brokerages have recently weighed in on OCSL. Weiss Ratings lowered Oaktree Specialty Lending from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, February 9th. Zacks Research raised Oaktree Specialty Lending from a “strong sell” rating to a “hold” rating in a research note on Monday, April 6th. Wells Fargo & Company decreased their price target on Oaktree Specialty Lending from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 5th. Wall Street Zen raised Oaktree Specialty Lending from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, JPMorgan Chase & Co. decreased their price target on Oaktree Specialty Lending from $13.50 to $10.50 and set a “neutral” rating on the stock in a research note on Friday, March 13th.

Read Our Latest Stock Report on Oaktree Specialty Lending

Oaktree Specialty Lending Price Performance Shares of NASDAQ:OCSL opened at $12.41 on Wednesday. Oaktree Specialty Lending has a 1-year low of $10.63 and a 1-year high of $14.90. The firm has a market capitalization of $1.09 billion, a PE ratio of 34.47 and a beta of 0.49. The business’s 50 day moving average is $11.62 and its 200-day moving average is $12.63. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.66.

Oaktree Specialty Lending (NASDAQ:OCSL – Get Free Report) last announced its quarterly earnings data on Tuesday, February 3rd. The credit services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.03. Oaktree Specialty Lending had a return on equity of 9.75% and a net margin of 10.58%.The company had revenue of $74.48 million for the quarter, compared to analyst estimates of $75.72 million. During the same quarter last year, the firm earned $0.54 EPS. Sell-side analysts predict that Oaktree Specialty Lending will post 2.06 earnings per share for the current year.

Oaktree Specialty Lending Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $1.60 annualized dividend and a yield of 12.9%. Oaktree Specialty Lending’s payout ratio is currently 444.44%.

Insider Buying and Selling In related news, Director Phyllis R. Caldwell purchased 2,500 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were acquired at an average price of $10.77 per share, with a total value of $26,925.00. Following the purchase, the director directly owned 23,500 shares in the company, valued at $253,095. This represents a 11.90% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Oaktree Specialty Lending Institutional investors have recently bought and sold shares of the stock. Garner Asset Management Corp acquired a new stake in Oaktree Specialty Lending in the 4th quarter valued at $38,000. Northwestern Mutual Wealth Management Co. acquired a new position in Oaktree Specialty Lending in the fourth quarter worth $42,000. Sound Income Strategies LLC acquired a new position in Oaktree Specialty Lending in the third quarter worth $42,000. State of Alaska Department of Revenue acquired a new position in Oaktree Specialty Lending in the third quarter worth $51,000. Finally, Tower Research Capital LLC TRC boosted its stake in Oaktree Specialty Lending by 1,025.1% in the second quarter. Tower Research Capital LLC TRC now owns 4,163 shares of the credit services provider’s stock worth $57,000 after purchasing an additional 3,793 shares in the last quarter. Institutional investors and hedge funds own 36.79% of the company’s stock.

Oaktree Specialty Lending Company Profile (Get Free Report)

Oaktree Specialty Lending Corporation (NASDAQ: OCSL) is a closed-end, externally managed specialty finance company structured as a business development company (BDC). Launched in 2014, Oaktree Specialty Lending provides customized debt solutions to U.S. middle-market companies, with a focus on senior secured loans, second-lien financings, mezzanine debt and select equity co-investments. The company’s investment strategy centers on floating-rate instruments designed to offer downside protection and income potential in varying interest rate environments.

The firm’s portfolio spans a diverse array of industries, including healthcare, technology, energy, business services and consumer products.

Further Reading Five stocks we like better than Oaktree Specialty Lending

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LOS ANGELES--(BUSINESS WIRE)--Oaktree Specialty Lending Corporation (NASDAQ:OCSL) (“Oaktree Specialty Lending” or the “Company”), a specialty finance company, today announced its financial results for the second fiscal quarter ended March 31, 2026. Financial Highlights for the Quarter Ended March 31, 2026 Total investment income was $70.4 million ($0.80 per share) for the second fiscal quarter of 2026 as compared to $75.1 million ($0.85 per share) for the first fiscal quarter of 2026. Adjusted.

Oaktree Specialty Lending Corporation (OCSL) Q2 2026 Earnings Call Transcript

Panoramic Investment Advisors disclosed on May 6, 2026, a new position in Oaktree Specialty Lending (OCSL +0.25%), acquiring 1,241,204 shares in an estimated $14.86 million trade based on average first-quarter 2026 pricing.

Oaktree Specialty Lending provides tailored credit and capital solutions to middle-market companies across North America.

What happenedAccording to a Securities and Exchange Commission (SEC) filing dated May 6, 2026, Panoramic Investment Advisors initiated a new position in Oaktree Specialty Lending by purchasing 1,241,204 shares. The estimated transaction value is $14.86 million, based on the mean unadjusted closing price during the first quarter of 2026. At quarter’s end, the position was valued at $14.03 million, reflecting price movement during the period.

What else to knowThis was a new position for the fund, representing 6.79% of 13F reportable assets as of March 31, 2026.

Top five holdings after the filing:

NYSEMKT:JEPI: $22.85 million (11.1% of AUM)NASDAQ:TRIN: $19.09 million (9.2% of AUM)NYSEMKT:PFFA: $15.77 million (7.6% of AUM)NASDAQ:GAIN: $15.19 million (7.4% of AUM)NASDAQ:ARCC: $14.70 million (7.1% of AUM)As of May 6, 2026, shares of Oaktree Specialty Lending were priced at $12.51, up 5.7% over the prior year, underperforming the S&P 500 by 25.7 percentage points.

Company overviewMetricValuePrice (as of market close May 6, 2026)$12.51Market capitalization$1.10 billionRevenue (TTM)$279.31 millionNet income (TTM)$49.65 millionCompany snapshotProvides debt and equity financing solutions to middle-market companies, including first and second lien loans, mezzanine debt, and preferred equityOperates as a business development company, generating income primarily from interest and fee income on its investment portfolioTargets small and mid-sized businesses in North America, focusing on sectors such as healthcare, business services, manufacturing, and consumer industriesOaktree Specialty Lending Corporation is a business development company focused on providing customized credit and capital solutions to middle-market companies. By leveraging its expertise in structuring a range of debt and equity investments, the company aims to deliver attractive risk-adjusted returns while supporting portfolio company growth.

What this transaction means for investorsPanoramic Investment Advisors, a Colorado-based investment advisory firm, recently disclosed the purchase of approximately 1.2 million shares of Oaktree Specialty Lending stock, valued at about $14.9 million during the first quarter (the three months ending on March 31, 2026). Here are some key takeaways for investors.

To begin, Oaktree is a financial stock. Specifically, it is a specialized lender that offers loans to mid-sized businesses in the healthcare, manufacturing, and consumer sectors. The company aims to return significant value to shareholders through its large dividend, which currently yields about 9.8%.

As for performance, Oaktree stock hasn’t excelled in recent years. Since mid 2023, Oaktree shares have delivered a total return of less than 1%, equating to a compound annual growth rate (CAGR) of 0.3%. The S&P 500, meanwhile, has delivered a total return of 85% over the same period, with a CAGR of 22.7%.

Oaktree has struggled to deliver a growing revenue base. Trailing 12-month revenue now stands at $279 million, down from a three-year high of $360 million in early 2024.

In summary, Oaktree stock may appeal to income-oriented investors thanks to its large dividend yield. However, the quality of its underlying loan portfolio will remain a question mark for some investors.

More than 1,500 stocks have reported earnings since the current season began in mid-April, and the average stock that has reported has seen an average absolute one-day share price reaction of roughly 7%. The last time we saw earnings vol spike was during the Financial Crisis bear market, when stocks were tanking. This time around, we're seeing earnings vol increase during a strong AI-driven bull market. Tech stocks are seeing record earnings day volatility as investors and traders presumably make snap judgements about AI's future impact on the bottom line.

There is a principle I have followed for 30 years in this business. When the smartest credit team on the planet starts aggressively buying a beaten-down asset class they understand better than anyone alive, you do not sit on your hands and debate whether the timing is perfect.

You take notes, you do your homework, and you act.

Here’s exactly what they bought, what they sold, and why.

Ares spent the first quarter buying Business Development Companies like the market was having a clearance sale, which frankly it was. 

The biggest move by percentage was Morgan Stanley Direct Lending (NYSE:MSDL), where they added 312% to the position, nearly quadrupling their stake at an average price of $16.19, a name now trading at $15.09. 

Next came Hercules Capital (NYSE:HTGC), where they added 285%, bringing the position to 776,606 shares at an average cost of $17.09 against a current price of $15.34. That is a 10% discount to where they were buying. 

MSC Income Fund (NYSE:MSIF) was added to by 40% at an average of $15.05, now at $11.80.

FS KKR Capital (NYSE:FSK) saw an 18.8% addition. 

Blue Owl Technology Finance (NYSE:OTF) got an 18% addition.

Ares Capital Corporation (NASDAQ:ARCC) itself got a 16% addition at an average of $19.24. 

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Count them up. 

That is 17 separate BDC or direct lending positions where Ares either added meaningfully or initiated outright in Q1 2026. Every single one of them is trading below where Ares was buying. 

The sector has gotten cheaper since the quarter ended, which means the opportunity has only improved. When the firm that built this industry buys this broadly and this aggressively across the sector, they are not guessing. 

They are expressing a conviction.

This is the Drexel-Apollo-Ares lineage doing exactly what it has always done best, finding a debt instrument it understands and sizing into it at a level that reflects real conviction. Integer is a medical device component manufacturer with a solid underlying business. 

Ares looked at the capital structure and liked what they saw.

Both are BDCs. Both have gotten cheaper since Ares bought them. Both are now considerably more interesting.

When a firm with $407 billion in credit assets under management looks at a BDC and decides to sell every single share, that is information worth having. I would not be running to buy NMFC on the dip.

This is a special situation rather than a market call, and Ares is not going anywhere on it. They have owned it since Q2 2023 and this is a controlled company situation that will play out on its own timeline. 

Among the other existing positions, Global Business Travel Group (NYSE:GBTG) is the standout performer, up 23% year to date and 61% month to date. 

ARKO Corp. (NASDAQ:ARKO) is up nearly 70% year to date. 

The absence of additions in those names tells you something about the conviction level behind each one.

Ares Management is one of the most disciplined credit organizations ever assembled. They built their reputation by being right about credit quality over long periods of time through multiple cycles. 

Their Q1 2026 activity is sending a clear message. 

They believe BDC valuations have overshot to the downside. They believe the direct lending asset class, the one they built, remains fundamentally sound despite the pressure on book values and net asset values that the sector has seen. 

And they are backing that belief with real capital across a broad enough set of names to make clear this is a thesis, not a coincidence.

Several of the names they were buying in Q1 are now trading even cheaper than where they bought them. GSBD is at $8.86 against their $10.58 average. FSK is at $10.78 against their $18.98 average. OTF is at $10.63 against their $14.40 average. RWAY is at $6.32 against their $9.91 average. 

The portfolio has moved against them since quarter end, which in the language of deep value investing means the setup has improved, not deteriorated.

My framework has always been the same. Find an asset class with real fundamental value being temporarily repriced by sentiment rather than credit reality. 

Confirm that the smartest operators in the space are buying rather than running. 

Make sure the yield compensates you adequately while you wait for the market to come to its senses. 

All three boxes are checked here. The next step is up to you.

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Oaktree Specialty Lending is rated HOLD due to persistent NAV erosion despite a historically deep P/NAV discount. OCSL's NAV has declined 18% over six quarters, driven by software markdowns and non-accruals, not operating losses. Income coverage remains adequate, with an 11.5% yield and a more durable dividend structure tied to earnings.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Vitesse Energy, Inc. (NYSE: VTS) (“Vitesse” or the “Company”) today announced a hedging update related to opportunistic additional hedges through 2027 at price levels that support its dividend, along with the transition of M. Bruce Chernoff from Vitesse's Board of Directors (the “Vitesse Board”). HEDGING UPDATE Vitesse hedges a portion of its expected oil, natural gas, and NGL production volumes to increase the predictability and certainty of its cash.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Vitesse Energy, Inc. (NYSE: VTS) (“Vitesse,” “we,” or the “Company”) today announced that its Board of Directors has appointed Jamie Benard as President and Chief Executive Officer, effective May 1, 2026. Mr. Benard's appointment represents the culmination of a thorough succession planning process that will position the Company for continued long-term strategic execution and success. “We are delighted to welcome Jamie Benard to the Vitesse team. Jamie.

Shares of Vitesse Energy (VTS 6.31%) spent much of Friday in the red following the unexpected resignation of its CEO. Investors couldn't shake their negative feelings about this development, and the stock closed the day almost 5% underwater.

Waving goodbye Just after market close on Thursday, Vitesse announced that CEO Bob Gerrity had resigned from both positions, as CEO and as chairman of the company's board of directors. In contrast to most CEO departures, Gerrity's action was effective immediately.

Image source: Getty Images.

Nevertheless, in what the Vitessed characterized as "the culmination of a thorough succession planning process that will position the company for continued long-term strategic execution and success," it named an outsider, Jamie Benard, as new CEO and board chairman. This will become effective on May 1.

Benard is a seasoned oil and gas company executive, having most recently served as president of SOGC. Prior to that, he served in a variety of leadership roles -- including COO -- for Texas-based Summit Discovery Resources.

Today's Change

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The abruptness was the thing Generally speaking, for publicly traded companies, if a C-Suite transition is in the works, it's best to flag it to shareholders well in advance if possible. Unexpected ones, after all, make it seem as if there's some kind of trouble in the top ranks.

At least Vitesse has tapped a veteran energy industry executive who likely knows the business cold, but I don't blame investors for being concerned about the rather surprising change.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vitesse Energy. The Motley Fool has a disclosure policy.

Wall Street expects a year-over-year decline in earnings on higher revenues when Vitesse Energy (VTS - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 4. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis energy company is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents a year-over-year change of -95.7%.

Revenues are expected to be $69 million, up 4.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 125% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Vitesse?For Vitesse, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination makes it difficult to conclusively predict that Vitesse will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Vitesse would post earnings of $0.1 per share when it actually produced a loss of -$0.02, delivering a surprise of -120.00%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Vitesse doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Shares of Vitesse Energy (VTS - Free Report) have gained 2.9% over the past four weeks to close the last trading session at $18.68, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $23.5 indicates a potential upside of 25.8%.

The mean estimate comprises four short-term price targets with a standard deviation of $3.87. While the lowest estimate of $19.00 indicates a 1.7% increase from the current price level, the most optimistic analyst expects the stock to surge 49.9% to reach $28.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.

However, an impressive consensus price target is not the only factor that indicates a potential upside in VTS. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Why VTS Could Witness a Solid UpsideThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current year, one estimate has moved higher over the last 30 days compared to no negative revision. As a result, the Zacks Consensus Estimate has increased 1300%.

Moreover, VTS currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much VTS could gain, the direction of price movement it implies does appear to be a good guide.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Vitesse Energy, Inc. (NYSE: VTS) (“we,” “our,” “Vitesse,” or the “Company”) today reported the Company's first quarter 2026 financial and operating results. FIRST QUARTER 2026 HIGHLIGHTS Adjusted Net Loss(1) of $0.3 million and GAAP net loss of $42.3 million, including a non-cash unrealized loss on commodity derivatives of $48.2 million Adjusted EBITDA(1) of $33.4 million Cash flow from operations of $24.0 million and Free Cash Flow(1) of $12.0 million.

Vitesse Energy, Inc. (VTS) Q1 2026 Earnings Call Transcript

5 Mid-Caps to Buy Before the Next Broad Market Sell-OffNexstar Media Group NASDAQ: NXST reported first-quarter 2026 results that included 13 days of financial contribution from its newly acquired TEGNA assets, while management also detailed the unusual post-close legal and operational constraints now surrounding the transaction.

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TEGNA acquisition closes, but litigation keeps operations separate Founder, Chairman and CEO Perry Sook said the company “hit the ground running” in the first quarter, highlighted by the close of Nexstar’s “landmark acquisition of TEGNA” on March 19 following FCC and Department of Justice approval. Sook said Nexstar provided “more than 7 million pages of documentation” during the review and agreed to concessions, including increasing local news in nine markets, divesting stations in six markets within two years, and extending expiring retransmission agreements through Nov. 30.

Disney Denies Rumors of TV Sale, After Stock Jumps on NewsDespite closing, Sook said DIRECTV, along with a number of state attorneys general, filed suit seeking to block the deal. He emphasized that Nexstar believes it will prevail, arguing the case centers on whether the transaction serves the public interest, including consumers and “the preservation of local journalism.”

Sook said Nexstar has expanded its legal team, naming Beth Wilkinson of Wilkinson Stekloff to lead trial and appellate efforts, supplementing antitrust counsel at Morrison Foerster. He outlined multiple proceedings underway, including an appeal of a preliminary injunction in the Ninth Circuit, a trial in the U.S. District Court for the Eastern District of California, and a separate challenge to the FCC approval pending in the D.C. Circuit. Sook noted the court denied a request for an emergency stay, and that Nexstar and the FCC were directed to file responses to a petition by May 11.

3 Value Stocks with Room to RunChief Financial Officer Lee Ann Gliha said the company is in “an unprecedented place” because of the court order. She emphasized that Nexstar owns TEGNA as a subsidiary and can use excess cash flow for combined debt repayment, but the order requires Nexstar to “hold separate” TEGNA’s assets. As a result, TEGNA is operating as it did prior to the transaction, including under its own retransmission agreements, and is managed day-to-day by the TEGNA team rather than Nexstar. Gliha said that, given the variables, “forward-looking guidance will be limited.”

First-quarter financial results: $1.4 billion in revenue and $470 million of adjusted EBITDA Management reported first-quarter net revenue of $1.4 billion, describing it as a record. President and COO Michael Biard said net revenue rose $162 million, or 13.1%, from the prior year, driven primarily by $106 million of revenue from TEGNA and higher advertising and distribution revenue from legacy Nexstar operations.

Gliha said first-quarter adjusted EBITDA was $470 million, representing a 33.7% margin and an $89 million increase from $381 million in the prior-year quarter. She said TEGNA operations accounted for $31 million of the year-over-year change, with the remainder “primarily” driven by the political cycle. Excluding TEGNA, she said legacy Nexstar generated $439 million of adjusted EBITDA.

Adjusted free cash flow was $420 million, up from $348 million a year earlier. Excluding TEGNA, Gliha said legacy Nexstar generated $400 million of adjusted free cash flow.

Distribution and advertising trends, including political tailwinds Biard said first-quarter distribution revenue totaled $837 million, up $75 million, or 9.8%, year over year. The increase reflected $54 million from TEGNA and 2.8% higher legacy distribution revenue due to increased rates, MVPD subscriber growth, additional CW affiliations on some stations, and local Fox affiliates’ participation in the launch of Fox One—partly offset by MVPD subscriber attrition. On a combined basis assuming TEGNA was owned for the entire quarter, Biard said distribution revenue increased 1.6% year over year.

Biard said Nexstar was “feeling more optimistic” than its original plan for subscriber attrition, based on reported numbers and publicly reported distributor subscriber counts. However, he said the company does not expect a “material change” to the original distribution guidance previously provided for legacy Nexstar, noting the FCC commitment to offer MVPDs renewing before Nov. 30 an extension of current retransmission agreements through that date.

Advertising revenue was $548 million, up $88 million, or 19.1%, primarily due to $51 million of incremental TEGNA advertising revenue and higher political advertising. Excluding TEGNA, Biard said legacy Nexstar non-political advertising was “flattish” and in line with expectations, rising 0.4% as digital growth offset declines in non-political television advertising.

Biard listed top first-quarter advertising categories for legacy Nexstar as department and retail stores, attorneys, and gaming and sports betting, while the largest declines were in drugstores and medication, packaged goods, and radio/TV/newspaper/cable advertisers. He said there were no major category outliers.

On a combined basis, Biard said non-political advertising was up 1.2%, aided by TEGNA’s portfolio of NBC affiliations benefiting from NBC’s broadcast of the Super Bowl and Olympics in the first quarter. He added that combined digital advertising revenue increased at a mid-single-digit percentage, driven by strong local digital revenue, offset in part by continued declines at TEGNA’s Premion segment due primarily to the loss of a major customer in 2025.

For the second quarter, Biard said non-political advertising on an as-combined basis is expected to decline in the mid-single digits due to a weaker advertising environment. On the call, Gliha said she did not see a single category driving the softness, describing it as broadly distributed across categories. Sook added that several smaller factors were affecting results, including one large home improvement advertiser going “silent” for a period, and pharma advertising that “has not returned as of yet.”

Political advertising was a key contributor in the quarter. Biard said reported political advertising was $46 million, while on a combined basis political advertising in Q1 was $78 million, up 89% versus 2022 and 19% versus 2024, driven by spending in Texas, Illinois, California, Michigan, Georgia, and Maine. Citing AdImpact, Biard said industry-wide broadcast political spending was up 79% versus the comparable 2022 election cycle quarter and up 13% versus 2024.

The CW and NewsNation updates: profitability target and audience growth Sook said Nexstar continued building The CW and NewsNation as national networks. He said The CW improved year-over-year profitability in the first quarter and is “well on its way” to achieving profitability by the fourth quarter of 2026.

Biard reiterated the profitability goal and said the company expects to improve full-year CW losses by more than 30%. He said the network faces near-term advertising headwinds related to Nielsen’s transition to big data measurement, but improved distribution from the 2025 affiliation renewal cycle is expected to more than offset those impacts.

Biard highlighted a multi-year broadcast partnership with the Mountain West Conference running through the 2030-2031 seasons, including 13 football games annually and 20 men’s and 15 women’s basketball games each season. He also said The CW added six Banana Ball games to its May and June schedule. With 148 additional hours of programming airing in 2026, Biard said nearly half of The CW schedule will be sports or sports-adjacent.

On performance, Biard said the NASCAR O’Reilly Auto Parts series on The CW delivered more than 1 million total viewers for each of its first 12 races in the 2026 season. He also said ACC men’s and women’s basketball concluded the 2025-2026 season with record viewership, with total audiences up 6% for men’s games and 26% for women’s.

Biard also discussed new distribution partnerships, including a deal with ESPN that will make the ESPN app and website the exclusive streaming home for all CW sports, and a Roku partnership that will bring CW entertainment programming to The Roku Channel for next-day streaming starting in the fall broadcast season. Biard framed these as an “evolution” of strategy, describing the “build, buy or partner” options and saying Nexstar opted to partner given the challenges and capital intensity of building digital platforms.

For NewsNation, Sook said the network was the “number one fastest-growing” network in prime time across major broadcast and cable networks in March 2026, growing 85% in total viewers and 100% among adults 25-54 compared with the prior year. He said NewsNation ranked 35th in total household viewing for all prime time ad-supported cable networks in the first quarter.

Expenses, debt, dividends, and capital allocation Gliha said combined first-quarter direct operating and SG&A expenses (excluding depreciation and amortization and corporate expenses) increased $76 million, driven primarily by $73 million of recurring incremental expense from the TEGNA acquisition and $4 million in one-time expenses related to legacy Nexstar cost reduction initiatives. Excluding one-time items, she said first-quarter recurring cash operating expenses for legacy Nexstar were lower by $1 million.

Corporate expense was $106 million, including $20 million of non-cash compensation expense, compared with $52 million a year earlier (including $18 million non-cash compensation). Gliha said the increase was primarily due to $38 million of one-time costs associated with the TEGNA acquisition.

On cash flow items, Gliha said first-quarter CapEx was $22 million, down from $35 million, primarily due to delayed spending given the pendency of and plans related to the TEGNA acquisition. She said the company was projecting CapEx in the “$45 million range” in Q2, and estimated second-quarter cash taxes in the “$152 million range.” She said the current quarterly run-rate interest expense based on balances as of April 30 was about $187.5 million, which will fluctuate with SOFR rates and decline as debt is repaid.

Nexstar returned $56 million to shareholders via dividends during the quarter and maintained its $1.86 per share quarterly dividend, which Sook said represents a 3.7% yield. The company did not repurchase shares in the quarter.

Gliha said outstanding debt at March 31, 2026 was $12.1 billion, up from $6.3 billion at year-end, reflecting the TEGNA acquisition. The cash balance at quarter-end was $379 million, including $12 million related to The CW. She also noted that because The CW is designated an unrestricted subsidiary, its losses are not included in leverage calculations for the company’s credit agreement.

On leverage, Gliha said the net first lien covenant ratio at March 31 was 2.94x, below the credit agreement’s 4.75x covenant, and total net leverage was 3.84x using the same methodology. She said that subsequent to quarter-end, Nexstar repaid its $150 million short-term Term Loan A in full and made $4 million in mandatory amortization payments. She also said the company refinanced its 2027 senior notes with $1.725 billion of 7.25% senior notes due 2034.

Looking ahead, Sook said Nexstar expects to report second-quarter results in early August, which he said will be the first full quarter of reporting “the combined consolidated results of the new Nexstar.”

About Nexstar Media Group NASDAQ: NXSTNexstar Media Group, Inc is a diversified American media company engaged primarily in the ownership, operation and strategic affiliation of local television stations, digital platforms and cable networks. The company provides a range of broadcast content, including local news, sports coverage, entertainment programming and syndicated shows, reaching audiences in more than 100 television markets across the United States.

Founded in 1996 by entrepreneur Perry Sook and headquartered in Irving, Texas, Nexstar has built its presence through organic growth and a series of high-profile acquisitions.

Featured ArticlesFive stocks we like better than Nexstar Media GroupThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Nexstar Media Group Right Now?Before you consider Nexstar Media Group, you'll want to hear this.

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IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Group names Elizabeth Ryder EVP, General Counsel and Secretary of the Board of Directors and announces three other executive promotions.

Here are three stocks with buy rank and strong income characteristics for investors to consider today, May 14:

Great Elm Capital Corp. (GECC - Free Report) : This business development company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 18.3% over the last 60 days.

This Zacks Rank #1 company has a dividend yield of nearly 21%, compared with the industry average of 2.7%.

Nexstar Media Group, Inc. (NXST - Free Report) : This broadcasting and digital media company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 16.2% over the last 60 days.

This Zacks Rank #1 company has a dividend yield of 3.8%, compared with the industry average of 0.0%.

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Nexstar Media Group, Inc. (NXST - Free Report) : This broadcasting and digital media company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 16.2% over the last 60 days.

Nexstar has a PEG ratio of 0.68 compared with 2.39 for the industry. The company possesses a Growth Score of A.

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DaVita has a PEG ratio of 0.66 compared with 2.27 for the industry. The company possesses a Growth Score of B.

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Nexstar Media Group, Inc. (NXST) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript

MCLEAN, Va.--(BUSINESS WIRE)--TEGNA Inc. appointed Patrick Paolini as the company's Chief Executive Officer, effective June 1.

Nexstar Media Group, Inc. (NASDAQ: NXST), today announced that the Nexstar Media Charitable Foundation is doubling the size of its “30 Days of Giving” initiative, held during the month of June, and will now award a total of 60 grants and $300,000 to charitable and non-profit organizations in the communities served by its local television stations.

“30 Days of Giving” is an employee‑driven initiative created to celebrate the 30th anniversary of Nexstar’s founding in June 1996. Local Founder’s Day committees reviewed submissions from Nexstar’s 13,000 employees and selected charitable and nonprofit organizations to nominate for grants. More than 100 organizations were nominated, and the Nexstar Charitable Foundation’s Board of Directors chose 60 to receive $5,000 each. Every day during the month of June, the Foundation will award two $5,000 grants; by the end of the month the Foundation will have committed $300,000 to “30 Days of Giving.”

"A critical part of Nexstar’s legacy is giving back to the local communities we serve through volunteerism, engagement, and direct support," said Perry Sook, Nexstar’s Founder, Chairman, and Chief Executive Officer. "The response to this initiative from our employees was overwhelming and made it clear that we had an opportunity to do more. Expanding ’30 Days of Giving’ allows us to support more organizations, extend our reach into more communities, and give back to the local causes that make a meaningful difference in the lives of people every day."

Throughout the month of June, the public can track the announcement of “30 Days of Giving” grants on Nexstar’s company website, www.nexstar.tv, and on the company’s various social media channels.

The Foundation today recognized the Opry Heritage Foundation of Oklahoma and the Spartanburg Humane Society as the recipients of the first $5,000 grants. The organizations were nominated by employees at KFOR-TV, the Nexstar television station serving Oklahoma City, OK, and WSPA-TV in Spartanburg, SC, respectively.

The Opry Heritage Foundation of Oklahoma transforms lives through music. Its programs include the Granville Community Music School, which provides high‑quality music instruction to children ages 9–18 from low‑income families for just fifty cents per lesson; Guitars for Vets, a weekly guitar program for veterans; and the Oklahoma Opry, a longstanding platform for local artists.

“I’m incredibly proud to see the Opry selected for a ’30 Days of Giving’ grant,” said Adam F. Chase, Vice President and General Manager of KFOR Oklahoma's News 4 & KAUT 43 in Oklahoma City, OK. “Their mission to deliver quality music education and artist development while growing Oklahoma’s music industry and tourism aligns perfectly with what our state needs. This grant will help them expand that important work and strengthen Oklahoma’s rich musical heritage.”

For more information on the Opry Heritage Foundation of Oklahoma, visit https://www.okopry.org/.
To donate to the Opry Heritage Foundation of Oklahoma, visit https://www.okopry.org/give.

The Spartanburg Humane Society offers a variety of programs and services for both pets and pet owners. Their mission remains focused on providing excellent shelter and care to homeless animals in need, the Spartanburg Humane Society has evolved to develop proactive strategies aimed at combating the root causes of substandard animal care and thousands of unwanted animals. The Humane Society has been in service to Spartanburg County since 1964.

“We could not be more proud that our partners at the Spartanburg Humane Society are one of the first recipients of Nexstar’s ‘30 Days of Giving’ grants,” said Kenny Lawrence, Vice President and General Manager of WSPA-TV/WYCW-TV in Spartanburg, SC. “We know how overwhelmed the Humane Society can get while serving more than 500 animals at any given time. They have many needs including the pressures of feeding, cleaning, and supplying medical support to these animals. We believe this $5,000 grant will certainly lead towards relieving some of that pressure.”

For more information on the Spartanburg Humane Society, visit https://spartanburghumane.org/. To donate to the Spartanburg Humane Society, visit https://spartanburghumane.org/donation-submission/.

The Nexstar Media Charitable Foundation’s mission is to contribute to and work with public charities and non-profit organizations to improve the communities in which Nexstar Media and its subsidiaries do business.

About Nexstar Media Group
Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports, and entertainment content across its television and digital platforms. For more information, please visit nexstar.tv.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260601289792/en/

IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Group, Inc. (NASDAQ: NXST), today announced that 20 of its owned and operated television stations have earned a total of 34 Regional Edward R. Murrow Awards from the Radio Television Digital News Association (RTDNA), including several stations that won multiple awards: KXAN-TV (NBC) in Austin, TX (DMA #32), and KHON-TV (FOX/CW) in Honolulu, HI (DMA #69), were honored for “Overall Excellence.” KXAN-TV also won awards in four other categories: “Digita.

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.

Below are the ratings of the most accurate analysts for three high-yielding stocks in the energy sector.

Verizon Communications Inc (NYSE:VZ)

Dividend Yield: 6.01%

JP Morgan analyst Sebastiano Petti maintained a Neutral rating on the stock, while raising the price target from $49 to $52 on April 30, 2026. This analyst has an accuracy rate of 57%.

Morgan Stanley analyst Benjamin Swinburne reiterated an Equal-Weight rating while increasing the price target from $49 to $50 on April 28, 2026. This analyst has an accuracy rate of 73%.

Wells Fargo analyst Eric Luebchow reaffirmed an Equal-Weight rating while raising the price target from $44 to $46 on April 28, 2026. This analyst has an accuracy rate of 67%.

Recent News: on June 2, Verizon announced the extension of the early participation date until 5:00 p.m. (ET) on June 16, 2026, associated with the company's previously announced (i) offers to exchange any and all outstanding series of debt securities listed for specified series of newly issued notes of Verizon, and (ii) solicitations of consent for proposed amendments to the indentures governing the Old Notes.

Benzinga Pro's real-time newsfeed alerted to latest VZ news.

AT&T Inc (NYSE:T)

Dividend Yield: 4.64%

Oppenheimer analyst Timothy Horan downgraded the stock from Outperform to Perform on June 3, 2026. This analyst has an accuracy rate of 77%.

RBC Capital analyst Jonathan Atkin reiterated an Outperform rating on the stock, with a price target of $31 on May 20, 2026. This analyst has an accuracy rate of 56%.

Recent News: On June 3, LiveOne announced an expanded collaboration with AT&T to support next-generation in-vehicle entertainment experiences through the company's Connected Car™ platform.

Benzinga Pro's real-time newsfeed alerted to latest T news.

Nexstar Media Group Inc (NASDAQ:NXST)

Dividend Yield: 4.10%

Wells Fargo analyst Steven Cahall maintained an Overweight rating while raising the price target from $253 to $290 on May 8, 2026. This analyst has an accuracy rate of 65%.

Citigroup analyst Jason Bazinet upgraded the stock from Neutral to Buy while raising the price target from $220 to $252 on April 10, 2026. This analyst has an accuracy rate of 73%.

Deutsche Bank analyst Benjamin Soff reiterated a Buy rating on the stock, while increasing the price target from $250 to $270 on March 23, 2026. This analyst has an accuracy rate of 59%.

Recent News: On June 1,20 television stations owned and operated by Nexstar Media Group won a total of 34 Regional Edward R. Murrow Awards from the Radio Television Digital News Association (RTDNA).

Benzinga Pro’s real-time newsfeed alerted to latest NXST news.

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On June 10, 2026, Nexstar Media Group Inc NXST shares fell 3.4% to a current price of $173.41. This drop extends the stock's decline over the past month to 13.7% and marks a year-to-date decrease of 13.1%. The stock has traded within a 52-week range of $164.00 to $254.30.

GF Value™ verdict: Currently priced at $173.41, NXST is estimated to be 18.8% undervalued compared to a GF Value™ of $213.66.GF Score™ of 87/100 indicates a strong overall rating, suggesting potential for higher long-term returns.Most notable signal: Insiders have sold $7.9M in the last three months, indicating a lack of buying activity. Is NXST Overvalued or Undervalued? Based on the GF Value™ estimate of $213.66, Nexstar Media Group Inc NXST is currently undervalued at its trading price of $173.41, presenting an opportunity for potential investors. The 18.8% margin of safety indicates that the stock is trading below its intrinsic value. The GF Valuation label categorizes NXST as "modestly undervalued," suggesting that while there is potential upside, investors should remain cautious given the current market conditions and volatility.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. This robust methodology provides a basis for assessing whether a stock is undervalued or overvalued in the current market context.

How Does NXST's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 37.2x 9.1x Forward P/E 5.1x - The current P/E (TTM) of 37.2x is significantly above its 5-year median of 9.1x, indicating that the stock is trading at a much higher multiple than in the past. This P/E analysis aligns with the GF Value™ verdict, suggesting that while the stock may be considered undervalued on a GF Value™ basis, the high P/E ratio raises concerns about potential overvaluation relative to its historical performance.

What Does NXST's GF Score™ Tell Us? Metric Rating GF Score™ 87 Financial Strength 3/10 Profitability 8/10 Growth 9/10 Valuation 10/10 Momentum 8/10 Nexstar Media Group Inc NXST has a GF Score™ of 87/100, indicating strong potential for long-term returns. The profitability (8/10) and growth (9/10) ranks highlight solid operational performance and growth prospects. However, the financial strength score of 3/10 suggests vulnerabilities in this area, which could pose risks to investors. The valuation rank of 10/10 indicates that NXST is currently seen as attractively priced relative to its intrinsic value, reinforcing the findings from the GF Value™ analysis.

What Are Insiders Doing with NXST Stock? In recent months, insider activity at Nexstar Media Group Inc NXST has shown that insiders sold $7.9M worth of shares with no reported buying. This pattern of selling without corresponding buying may suggest a lack of confidence among insiders regarding the stock’s near-term outlook. Such actions can be perceived as a bearish signal, indicating that insiders may not see value at the current price levels.

What This Means for Investors Based on GF Value™, Nexstar Media Group Inc NXST appears to be undervalued at its current price of $173.41. However, the stock's high P/E ratio and recent insider selling activity warrant a cautious approach. Investors should consider both the potential upside indicated by the valuation metrics and the risks associated with financial strength and insider sentiment.

For the complete analysis, visit the Nexstar Media Group Inc NXST stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is NXST's GF Score™?

Nexstar Media Group Inc NXST has a GF Score™ of 87/100, indicating a strong potential for long-term returns based on key performance metrics.

Is NXST overvalued or undervalued?

NXST is currently considered undervalued with a GF Value™ of $213.66, representing an opportunity for potential upside.

What is NXST's P/E ratio?

The current P/E (TTM) for NXST is 37.2x, which is significantly above its 5-year median of 9.1x, indicating that the stock is trading at a much higher valuation than in the past.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].