PENN Entertainment (NASDAQ:PENN) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered PENN Entertainment’s price target from $27 to $24 while maintaining an “overweight” rating, implying approximately 61.8% upside from the reported $14.84 share price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $23.61, despite targets ranging from $22 to $24 among several firms.
• PENN’s latest quarterly results exceeded expectations, with adjusted earnings of $0.44 per share versus a $0.37 estimate and revenue of $1.86 billion, up 5.2% year over year.

PENN Entertainment (NASDAQ:PENN - Get Free Report) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $27.00 to $24.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 61.78% from the stock's current price.

Several other research analysts have also issued reports on PENN. Jefferies Financial Group restated a "hold" rating and set a $22.00 price target on shares of PENN Entertainment in a report on Friday, August 7th. Wells Fargo & Company dropped their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Monday. Citigroup reaffirmed a "market outperform" rating on shares of PENN Entertainment in a research note on Tuesday, October 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of PENN Entertainment in a research report on Monday, September 21st. Finally, The Goldman Sachs Group set a $23.00 target price on shares of PENN Entertainment in a research note on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.61.

PENN Entertainment Trading Up 0.8%

PENN traded up $0.12 during midday trading on Tuesday, hitting $14.84. 1,005,495 shares of the company were exchanged, compared to its average volume of 3,709,217. The firm's 50 day moving average price is $16.71 and its 200-day moving average price is $18.06. PENN Entertainment has a 1-year low of $11.65 and a 1-year high of $22.36. The firm has a market capitalization of $1.99 billion, a P/E ratio of -2.33, a P/E/G ratio of 0.38 and a beta of 1.39. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.07. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%. The company had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.86 billion. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. The business's quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities analysts forecast that PENN Entertainment will post 1.20 EPS for the current fiscal year.

Institutional Investors Weigh In On PENN Entertainment

Large investors have recently added to or reduced their stakes in the business. Nykredit A S bought a new stake in PENN Entertainment during the 2nd quarter valued at $25,000. Versant Capital Management Inc lifted its stake in shares of PENN Entertainment by 29.6% in the third quarter. Versant Capital Management Inc now owns 3,513 shares of the company's stock valued at $51,000 after buying an additional 803 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of PENN Entertainment by 103.1% in the third quarter. IFP Advisors Inc now owns 3,920 shares of the company's stock valued at $57,000 after buying an additional 1,990 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of PENN Entertainment during the second quarter valued at about $66,000. Finally, GAMMA Investing LLC grew its holdings in shares of PENN Entertainment by 19.4% during the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company's stock valued at $118,000 after buying an additional 895 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Company Profile

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.

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