PennantPark (PNNT) Ascends But Remains Behind Market: Some Facts to Note
PennantPark (PNNT) closed the latest trading day at $7.16, indicating a +0.42% change from the previous session's end. The stock's change was less than the S&P 500's daily gain of 1.41%. Elsewhere, the Dow gained 0.58%, while the tech-heavy Nasdaq added 2.2%.
The business development company's stock has climbed by 9.19% in the past month, exceeding the Finance sector's gain of 5.34% and the S&P 500's gain of 2.9%.
The investment community will be paying close attention to the earnings performance of PennantPark in its upcoming release. The company is slated to reveal its earnings on February 7, 2024. The company is forecasted to report an EPS of $0.23, showcasing a 43.75% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $32.46 million, up 8.33% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.92 per share and revenue of $134.31 million. These totals would mark changes of -8% and -4.24%, respectively, from last year.
Investors should also pay attention to any latest changes in analyst estimates for PennantPark. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. PennantPark is currently sporting a Zacks Rank of #2 (Buy).
In the context of valuation, PennantPark is at present trading with a Forward P/E ratio of 7.78. This valuation marks a discount compared to its industry's average Forward P/E of 7.83.
The Financial - SBIC & Commercial Industry industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 85, finds itself in the top 34% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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PennantPark Investment Corporation (PNNT) : Free Stock Analysis Report
