Zacks Research Upgrades PENN Entertainment (NASDAQ:PENN) to “Strong-Buy”

PENN Entertainment (NASDAQ:PENN) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday, Zacks reports.

A number of other research analysts also recently weighed in on the stock. Bank of America raised their price target on shares of PENN Entertainment from $18.00 to $22.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Benchmark lifted their price objective on shares of PENN Entertainment from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a report on Monday, September 21st. Citigroup reissued a “market outperform” rating on shares of PENN Entertainment in a research report on Tuesday. Finally, Wells Fargo & Company lowered their target price on shares of PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.00.

PENN Entertainment Price Performance

Shares of PENN opened at $15.37 on Monday. The firm has a market cap of $2.06 billion, a PE ratio of -2.42, a PEG ratio of 0.39 and a beta of 1.39. The firm’s 50 day moving average price is $17.10 and its 200 day moving average price is $18.05. 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.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.07. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.12) earnings per share. As a group, research analysts expect that PENN Entertainment will post 1.20 EPS for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

A number of institutional investors have recently modified their holdings of the company. NorthCrest Asset Manangement LLC lifted its stake in shares of PENN Entertainment by 11.0% in 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 last quarter. Versant Capital Management Inc raised its holdings in PENN Entertainment by 29.6% in the 3rd quarter. Versant Capital Management Inc now owns 3,513 shares of the company’s stock worth $51,000 after acquiring an additional 803 shares during the period. Integrated Wealth Concepts LLC acquired a new position in PENN Entertainment during the 2nd quarter worth $275,000. Nykredit A S acquired a new position in PENN Entertainment during the 2nd quarter worth $25,000. Finally, Corient Private Wealth LP lifted its position in PENN Entertainment by 81.8% during the 2nd quarter. Corient Private Wealth LP now owns 59,891 shares of the company’s stock worth $1,279,000 after acquiring an additional 26,950 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

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.