Penn National Gaming, Inc to Post Q2 2019 Earnings of $0.45 Per Share, Jefferies Financial Group Forecasts (PENN)

Penn National Gaming, Inc (NASDAQ:PENN) – Research analysts at Jefferies Financial Group upped their Q2 2019 earnings estimates for Penn National Gaming in a note issued to investors on Monday, February 11th. Jefferies Financial Group analyst D. Katz now forecasts that the company will post earnings of $0.45 per share for the quarter, up from their prior estimate of $0.44. Jefferies Financial Group also issued estimates for Penn National Gaming’s FY2019 earnings at $1.39 EPS.

Penn National Gaming (NASDAQ:PENN) last posted its earnings results on Thursday, February 7th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.03. Penn National Gaming had a net margin of 2.61% and a return on equity of 434.50%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business posted ($0.57) EPS. The business’s revenue was up 50.2% compared to the same quarter last year.

Several other research firms have also issued reports on PENN. BidaskClub upgraded shares of Penn National Gaming from a “strong sell” rating to a “sell” rating in a research note on Friday, January 4th. Bank of America reiterated a “hold” rating and issued a $31.00 target price on shares of Penn National Gaming in a research note on Tuesday, October 16th. ValuEngine lowered shares of Penn National Gaming from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. JPMorgan Chase & Co. reduced their target price on shares of Penn National Gaming from $41.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, November 2nd. Finally, Morgan Stanley set a $31.00 price target on shares of Penn National Gaming and gave the company a “hold” rating in a research report on Monday, November 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $33.46.

NASDAQ PENN opened at $25.18 on Tuesday. Penn National Gaming has a 1 year low of $17.30 and a 1 year high of $36.90. The company has a debt-to-equity ratio of 63.61, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market capitalization of $2.97 billion, a PE ratio of 27.08, a PEG ratio of 1.83 and a beta of 1.91.

Penn National Gaming announced that its board has approved a stock buyback plan on Wednesday, January 9th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 7.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

A number of institutional investors and hedge funds have recently bought and sold shares of PENN. Bank of New York Mellon Corp grew its position in Penn National Gaming by 47.7% during the second quarter. Bank of New York Mellon Corp now owns 2,547,091 shares of the company’s stock valued at $85,557,000 after buying an additional 823,049 shares during the period. Northern Trust Corp grew its position in Penn National Gaming by 10.5% during the second quarter. Northern Trust Corp now owns 1,104,634 shares of the company’s stock valued at $37,104,000 after buying an additional 104,956 shares during the period. United Services Automobile Association grew its position in Penn National Gaming by 16.3% during the second quarter. United Services Automobile Association now owns 19,023 shares of the company’s stock valued at $639,000 after buying an additional 2,673 shares during the period. RWC Asset Management LLP purchased a new stake in Penn National Gaming during the third quarter valued at about $17,271,000. Finally, Peregrine Capital Management LLC lifted its holdings in Penn National Gaming by 17.3% during the third quarter. Peregrine Capital Management LLC now owns 285,977 shares of the company’s stock valued at $9,414,000 after purchasing an additional 42,192 shares during the last quarter. Institutional investors own 80.31% of the company’s stock.

Penn National Gaming Company Profile

Penn National Gaming, Inc owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through Northeast, South/West, and Midwest segments. As of December 31, 2017, it operated 27 facilities in 17 jurisdictions, including California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada.

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Earnings History and Estimates for Penn National Gaming (NASDAQ:PENN)

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