PENN Entertainment (NASDAQ:PENN) Price Target Raised to $20.00

PENN Entertainment (NASDAQ:PENN) had its price objective upped by Morgan Stanley from $19.00 to $20.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities analysts have also weighed in on PENN. Truist Financial upped their target price on shares of PENN Entertainment from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Barclays lifted their price target on PENN Entertainment from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Citigroup upgraded PENN Entertainment from a “hold” rating to an “overweight” rating in a report on Thursday, July 23rd. Benchmark upped their price objective on PENN Entertainment from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Finally, Susquehanna increased their price objective on PENN Entertainment from $24.00 to $28.00 and gave the stock a “positive” rating in a report on Wednesday, July 1st. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.53.

PENN Entertainment Stock Performance

Shares of PENN opened at $18.79 on Wednesday. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89. PENN Entertainment has a twelve month low of $11.65 and a twelve month high of $22.36. The firm’s 50 day moving average price is $20.70 and its two-hundred day moving average price is $17.14. The firm has a market cap of $2.52 billion, a P/E ratio of -2.95, a PEG ratio of 0.49 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the prior year, the company earned ($0.12) earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, analysts forecast that PENN Entertainment will post 1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in PENN Entertainment during the 2nd quarter worth about $410,579,000. AQR Capital Management LLC grew its stake in PENN Entertainment by 824.3% in the fourth quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock valued at $51,341,000 after purchasing an additional 3,121,051 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in PENN Entertainment by 74.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock worth $75,697,000 after buying an additional 1,679,953 shares during the last quarter. Bank of America Corp DE increased its stake in shares of PENN Entertainment by 57.9% during the 1st quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock worth $65,400,000 after purchasing an additional 1,595,502 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in PENN Entertainment during the second quarter worth approximately $21,460,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Company Profile

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.