PENN Entertainment (NASDAQ:PENN) Stock Rating Raised to Strong-Buy at Zacks Research

by · The Markets Daily

Zacks Research upgraded shares of PENN Entertainment (NASDAQ:PENN – Free Report) from a hold rating to a strong-buy rating in a research report report published on Monday morning,Zacks reports.

Other research analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft raised PENN Entertainment from a “hold” rating to a “buy” rating and boosted their target price for the company from $23.00 to $25.00 in a research note on Tuesday, October 6th. Wells Fargo & Company lowered their price target on PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, July 14th. Capital One Financial raised PENN Entertainment from an “equal weight” rating to an “overweight” rating and set a $26.00 price target on the stock in a research report on Thursday, July 23rd. Jefferies Financial Group reiterated a “hold” rating and set a $22.00 price objective on shares of PENN Entertainment in a report on Friday, August 7th. Finally, The Goldman Sachs Group set a $23.00 price objective on PENN Entertainment in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, PENN Entertainment presently has an average rating of “Moderate Buy” and an average target price of $24.00.

View Our Latest Stock Report on PENN Entertainment

PENN Entertainment Trading Down 0.2%

Shares of NASDAQ PENN opened at $15.37 on Monday. The company’s fifty day moving average is $17.10 and its 200-day moving average is $18.05. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -2.42, a P/E/G ratio of 0.39 and a beta of 1.39. PENN Entertainment has a twelve month low of $11.65 and a twelve month high of $22.36. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79.

PENN Entertainment (NASDAQ:PENN – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.07. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The firm’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) EPS. Equities research analysts predict that PENN Entertainment will post 1.20 EPS for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently added to or reduced their stakes in the company. NorthCrest Asset Manangement LLC boosted its position in shares of PENN Entertainment by 11.0% during the third quarter. NorthCrest Asset Manangement LLC now owns 11,303 shares of the company’s stock worth $178,000 after buying an additional 1,117 shares during the period. Versant Capital Management Inc grew its holdings in shares of PENN Entertainment by 29.6% during the third quarter. Versant Capital Management Inc now owns 3,513 shares of the company’s stock worth $51,000 after buying an additional 803 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in PENN Entertainment in the 2nd quarter valued at approximately $275,000. Nykredit A S acquired a new stake in PENN Entertainment in the 2nd quarter valued at approximately $25,000. Finally, Corient Private Wealth LP raised its position in PENN Entertainment by 81.8% in the 2nd quarter. Corient Private Wealth LP now owns 59,891 shares of the company’s stock valued at $1,279,000 after buying an additional 26,950 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

(Get Free Report)

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and hotels, offering casino gaming, sports wagering, dining, live entertainment and other hospitality services. Its property portfolio includes regional gaming destinations serving customers across the United States.

PENN also develops and operates digital gaming products, including online sports betting and iCasino services. Its digital operations have included the ESPN BET sportsbook, developed through a strategic relationship with ESPN, as well as theScore Bet, supported by the company’s acquisition of Canadian digital media and sports betting business theScore.

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