Capital One Financial Upgrades PENN Entertainment (NASDAQ:PENN) to “Overweight”

PENN Entertainment (NASDAQ:PENN) was upgraded by stock analysts at Capital One Financial from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday, MarketBeat.com reports. The firm presently has a $26.00 price target on the stock. Capital One Financial‘s price target would indicate a potential upside of 26.95% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Barclays lifted their price target on PENN Entertainment from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. upped their price objective on PENN Entertainment from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Mizuho raised their price objective on PENN Entertainment from $23.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Bank of America lifted their target price on PENN Entertainment from $18.00 to $22.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Finally, Citigroup reissued an “outperform” rating on shares of PENN Entertainment in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, PENN Entertainment presently has an average rating of “Moderate Buy” and an average target price of $22.78.

PENN Entertainment Price Performance

NASDAQ PENN opened at $20.48 on Thursday. The company has a market cap of $2.74 billion, a PE ratio of -3.05, a P/E/G ratio of 0.38 and a beta of 1.42. The firm’s 50 day moving average price is $20.17 and its 200-day moving average price is $16.54. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82. PENN Entertainment has a 52-week low of $11.65 and a 52-week high of $22.36.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. The company had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.74 billion. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. PENN Entertainment’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.68 earnings per share. Sell-side analysts forecast that PENN Entertainment will post 1.39 EPS for the current fiscal year.

Institutional Trading of PENN Entertainment

Large investors have recently bought and sold shares of the stock. AQR Capital Management LLC raised its holdings in shares of PENN Entertainment by 824.3% in the fourth quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock worth $51,341,000 after buying an additional 3,121,051 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of PENN Entertainment by 74.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock valued at $75,697,000 after buying an additional 1,679,953 shares during the last quarter. Bank of America Corp DE increased its position in shares of PENN Entertainment by 57.9% in the 1st quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock valued at $65,400,000 after acquiring an additional 1,595,502 shares during the period. Kettle Hill Capital Management LLC raised its stake in PENN Entertainment by 129.5% in the 4th quarter. Kettle Hill Capital Management LLC now owns 1,773,390 shares of the company’s stock worth $26,158,000 after acquiring an additional 1,000,830 shares during the last quarter. Finally, Armistice Capital LLC raised its stake in PENN Entertainment by 47.2% in the 4th quarter. Armistice Capital LLC now owns 3,096,000 shares of the company’s stock worth $45,666,000 after acquiring an additional 992,334 shares during the last quarter. Hedge funds and other 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.