Fri, Dec. 2, 4:09 PM
Mon, Nov. 28, 9:27 AM
- Following the company's big dividend cut, CEO Arthur Penn last week purchased 20K shares at an average price of about $7.16 each, bringing his stake in the company to nearly 450K shares.
- CFO Aviv Efrat picked up 28K shares at $7.075 each, bringing his stake to more than 96K shares.
- PNNT +1.5% premarket
Wed, Nov. 23, 10:54 AM
- Analyst Christopher Nolan doesn't believe the company will be able to materially narrow the sizable discount to peers it's trading at following this week's earnings miss and big dividend cut.
- He downgrades PennantPark (PNNT -1.8%) to Market Perform from Outperform. The $8 price target remains (11% upside).
- Source: TheFly
- Speaking on the earnings call (transcript); CEO Arthur Penn says the company needs more time to maximize the recovery on the energy portfolio, and notes the challenge of finding attractive risk-adjusted returns in the current low-yield environment.
Tue, Nov. 22, 3:10 PM
- Addressing management on the earnings call, the JPMorgan analyst says the dividend cut (to $0.18 from $0.28) seems extreme, a thought CEO Arthur Penn doesn't seem to dispute. He wants to be 100% sure the next move in an increase, though.
- SunTrust's Douglas Mewhirter is retaining his Buy rating, but wasn't thrilled with the quarter.
- Relative Value Partners' Douglas Crimmins added to his position today, saying the new dividend puts the company on a sustainable path going forward, and should enable the company to originate a less-risky portfolio. He notes book value increased 1.25% for the quarter (the stock currently trades at more than a 20% discount to book).
- PNNT -5.6%
- Previously: PennantPark tumbles after rough quarter, dividend cut (Nov. 21)
Tue, Nov. 22, 1:15 PM
Tue, Nov. 22, 9:17 AM
Mon, Nov. 21, 5:43 PM
Mon, Nov. 21, 4:39 PM
- Noting continued weakness in energy and "overall yield compression in the market," PennantPark (NASDAQ:PNNT) says it will pay out the expected $0.28 per share this quarter, but then cut the dividend to $0.18 beginning in the March quarter.
- Management will extend its 16% waiver of base and incentive fees through the end of next year.
- Previously: PennantPark Investment misses by $0.05 (Nov. 21)
- Shares -10% after hours
Mon, Nov. 21, 4:21 PM
Sun, Nov. 20, 5:35 PM
Mon, Sep. 12, 10:04 AM
- The sector has been a big beneficiary of the rates lower-for-longer thesis, the bounce in oil and the related major move higher in high-yield.
- All three of those themes have been called into question since Labor Day. SA author BDC Buzz reminds not all BDCs are created equal, and says the higher risk ones will likely be underperformers in a correction ... Think Prospect Capital (PSEC -4%), TICC Capital (TICC -1%) and KCAP Financial (KCAP -2.7%). Fifth Street Finance (FSC -2%), Medley Capital (MCC -2.6%) and Full Circle Capital (FULL -0.4%) also fit the bill, and PennantPark (PNNT -1.5%), Gladstone (GLAD -3.4%), and Apollo Investment (AINV -1.2%) have the highest amount of oil exposure.
- Those BDCs with "true" first-lien assets and stable NAV will be the outperformers: New Mountain Finance (NMFC -1.8%), Solar Senior (SUNS -0.1%), Goldman Sachs BDC (GSBD -0.7%), Golub Capital (GBDC -0.5%), FS Investment (FSIC -1.7%), Monroe Capital (MRCC -0.1%), TPG (TSLX -0.6%), Main Street (MAIN -0.1%), PennatPark Floating Rate (PFLT -0.1%), Hercules (HTGC -1.4%), Horizon (HRZN -1.8%), and TCP Capital (TCPC -0.7%) are worth a look.
- ETFs: BDCL, BDCS, BIZD, FGB, LBDC
Fri, Sep. 2, 5:35 PM
Fri, Sep. 2, 4:30 PM
Mon, Aug. 8, 4:07 PM
Sun, Aug. 7, 5:35 PM
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