PennantPark Investment: Questionable Distribution Coverage (Downgrade) [Seeking Alpha]
PennantPark Investment Corporation (PNNT)
Last pennantpark investment corporation earnings: 2/6 04:05 pm
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US:NASDAQ Investor Relations:
pennantparkinvestment.mwnewsroom.com
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Source: Seeking Alpha
Summary I am downgrading my rating on PennantPark Investment Corporation due to weak distribution coverage and a rising non-accrual rate, indicating lower portfolio quality. Despite a high dividend yield of 13.6%, PNNT's core net investment income is insufficient to cover distributions without relying on special dividends from the joint venture portfolio. PNNT's diversified portfolio includes 56% first lien debt and is diversified by industry. However, the equity exposure could elevate the risk profile. Investors seeking stable monthly distributions should consider alternatives like Main Street Capital, which has consistently maintained strong earnings and distribution coverage. Richard Drury Overview When I previously covered PennantPark Investment Corporation ( NYSE: PNNT ), I maintained a hold rating due to the fact that the level of investments in non-accrual status continued to rise and negatively impact net investment income. Now that This article was written by
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PNNT
News
- PennantPark Investment Corporation Announces Monthly Distribution of $0.08 per ShareGlobeNewswire
- PennantPark Investment Co. (NASDAQ: PNNT) was downgraded by analysts at LADENBURG THALM/SH SH from a "buy" rating to a "neutral" rating.MarketBeat
- PennantPark Investment Corporation Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2024 and Upsize of Joint Venture (Amended)GlobeNewswire
- Compared to Estimates, PennantPark (PNNT) Q4 Earnings: A Look at Key Metrics [Yahoo! Finance]Yahoo! Finance
- PennantPark Investment Corporation Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2024 and Upsize of Joint Venture [Yahoo! Finance]Yahoo! Finance
PNNT
Earnings
- 11/25/24 - In-Line
PNNT
Analyst Actions
- 11/27/24 - Ladenburg Thalmann
PNNT
Sec Filings
- 12/11/24 - Form DEF
- 12/3/24 - Form 8-K
- 12/3/24 - Form 4
- PNNT's page on the SEC website