Spinoff Report
ENSG & PNTG: Book Profits in Spinoff With +290% Return From Listing Open Price
After an unexpectedly low open price on its listing day (at $6.15), The Ensign Group, Inc.'s (ENSG) Spinoff of The Pennant Group, Inc. (PNTG) has gone on to return +290% to date, mirroring the successful playbook used in ENSG's previous 2014 Spin of CareTrust REIT, Inc. (CTRE). Following their first earnings since the separation, our valuations indicate the positives resulting from the Spinoff have been priced in, and we therefore recommend booking profits at current levels.

  • Non-Nursing Home Hospice Spinoff PNTG Returns +290% from Opening Price (October 1) to Date
  • Investors Recommended to Book Profits in ENSG & PNTG / Benefits of Separation are Priced In
  • ENSG (Parent): Skilled Nursing Business / Simplified Medicare Reimbursement Boosts Growth
  • PNTG (Spinoff): High Investor Interest in Asset-Light Home Health & Hospice Business
  • Target Prices Revised / ENSG & PNTG Exit the Spinoff Model Portfolio at the End of Today's (November 20) VWAP
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