"PNNT's year-to-date total return (including dividends) of 30.5 percent compares to an average total return of 9.8 percent for other BDCs in our coverage and 7.4 percent for the S&P 500," wrote D.A. Davidson.
The analysts believe the valuation is appropriate, despite trading at a 84 percent discount to NAV, taking into account the company's remaining exposure to oil and gas investments at 15 percent of cost and 9 percent of fair value.
The company has a 12–18-month price target of $7 on PennantPark shares.
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