Barclays Issues Positive Forecast for PENN Entertainment (NASDAQ:PENN) Stock Price

PENN Entertainment (NASDAQ:PENN) had its price objective upped by Barclays from $24.00 to $26.00 in a report published on Thursday, MarketBeat.com reports. The firm currently has an overweight rating on the stock.

A number of other research firms have also recently issued reports on PENN. Stifel Nicolaus lifted their target price on PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 12th. JPMorgan Chase & Co. raised their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft raised their price target on shares of PENN Entertainment from $17.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, April 24th. Jefferies Financial Group reiterated a “hold” rating on shares of PENN Entertainment in a research report on Thursday, July 2nd. Finally, Truist Financial increased their price objective on shares of PENN Entertainment from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, PENN Entertainment presently has an average rating of “Moderate Buy” and an average price target of $21.88.

PENN Entertainment Trading Up 2.8%

Shares of PENN Entertainment stock opened at $20.69 on Thursday. PENN Entertainment has a 12-month low of $11.65 and a 12-month high of $22.36. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -3.08, a PEG ratio of 0.64 and a beta of 1.42. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94. The firm’s 50-day moving average price is $19.25 and its two-hundred day moving average price is $16.09.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter last year, the business posted $0.68 EPS. The company’s revenue was up 6.4% compared to the same quarter last year. On average, analysts forecast that PENN Entertainment will post 1.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

Several large investors have recently modified their holdings of PENN. Caxton Associates LLP acquired a new stake in PENN Entertainment in the first quarter valued at $246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of PENN Entertainment by 30.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company’s stock valued at $5,620,000 after buying an additional 79,978 shares during the period. Russell Investments Group Ltd. increased its stake in shares of PENN Entertainment by 6.7% in the second quarter. Russell Investments Group Ltd. now owns 64,280 shares of the company’s stock valued at $1,150,000 after buying an additional 4,011 shares during the period. First Trust Advisors LP raised its position in shares of PENN Entertainment by 169.6% during the second quarter. First Trust Advisors LP now owns 94,575 shares of the company’s stock worth $1,690,000 after acquiring an additional 59,489 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of PENN Entertainment by 80.2% during the second quarter. Marshall Wace LLP now owns 386,871 shares of the company’s stock worth $6,913,000 after acquiring an additional 172,158 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

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.