PENN Entertainment (NASDAQ:PENN) Upgraded to “Buy” at Benchmark

PENN Entertainment (NASDAQ:PENN) was upgraded by stock analysts at Benchmark from a “hold” rating to a “buy” rating in a report released on Thursday, MarketBeat Ratings reports. The firm presently has a $21.00 price objective on the stock. Benchmark’s target price would suggest a potential upside of 37.52% from the company’s current price.

Several other equities analysts have also recently issued reports on PENN. Susquehanna lowered their price objective on PENN Entertainment from $20.00 to $17.00 and set a “positive” rating on the stock in a research report on Wednesday, February 11th. Wall Street Zen raised PENN Entertainment from a “strong sell” rating to a “hold” rating in a report on Monday. Citigroup increased their price objective on PENN Entertainment from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday. Wells Fargo & Company raised PENN Entertainment from a “strong sell” rating to an “equal weight” rating and boosted their target price for the stock from $15.00 to $16.00 in a research report on Friday, February 27th. Finally, Stifel Nicolaus upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and upped their target price for the company from $19.00 to $21.00 in a research note on Friday, November 7th. Eight analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $19.47.

PENN Entertainment Price Performance

PENN opened at $15.27 on Thursday. The firm has a market cap of $2.04 billion, a PE ratio of -2.54, a P/E/G ratio of 0.45 and a beta of 1.33. The stock has a 50-day moving average price of $13.80 and a 200-day moving average price of $15.87. PENN Entertainment has a 1 year low of $11.65 and a 1 year high of $20.60. The company has a debt-to-equity ratio of 3.92, a current ratio of 0.79 and a quick ratio of 0.79.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, February 26th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.30. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.44) earnings per share. Sell-side analysts predict that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

A number of institutional investors have recently bought and sold shares of PENN. Quarry LP bought a new stake in PENN Entertainment during the fourth quarter valued at about $36,000. IFP Advisors Inc lifted its position in shares of PENN Entertainment by 76.2% during the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after buying an additional 1,196 shares in the last quarter. Modus Advisors LLC bought a new position in shares of PENN Entertainment during the 4th quarter valued at approximately $47,000. Cloud Capital Management LLC purchased a new stake in PENN Entertainment in the 3rd quarter worth approximately $54,000. Finally, Triumph Capital Management bought a new stake in PENN Entertainment during the 3rd quarter worth approximately $54,000. 91.69% of the stock is owned by institutional investors.

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.