JMP Securities Upgrades PENN Entertainment (NASDAQ:PENN) to Market Outperform

PENN Entertainment (NASDAQ:PENN - Get Free Report) was upgraded by investment analysts at JMP Securities from a "market perform" rating to a "market outperform" rating in a research report issued on Thursday,Benzinga reports. The firm presently has a $24.00 target price on the stock. JMP Securities' price objective would indicate a potential upside of 30.58% from the stock's current price.

A number of other equities research analysts also recently commented on the stock. Citigroup upgraded shares of PENN Entertainment to an "outperform" rating in a research note on Thursday. Canaccord Genuity Group reduced their price objective on PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Wells Fargo & Company raised their target price on PENN Entertainment from $20.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Monday, March 3rd. Wall Street Zen raised shares of PENN Entertainment from a "sell" rating to a "hold" rating in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. began coverage on shares of PENN Entertainment in a report on Monday. They issued an "overweight" rating and a $24.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $23.15.

PENN Entertainment Stock Up 5.6%

Shares of PENN stock traded up $0.98 during mid-day trading on Thursday, hitting $18.38. The company's stock had a trading volume of 1,354,099 shares, compared to its average volume of 4,373,104. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of -29.59 and a beta of 1.56. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.74 and a current ratio of 0.74. PENN Entertainment has a 52-week low of $13.25 and a 52-week high of $23.08. The business has a 50-day moving average price of $15.72 and a 200 day moving average price of $17.74.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping analysts' consensus estimates of ($0.29) by $0.04. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. PENN Entertainment's revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.76) EPS. Research analysts predict that PENN Entertainment will post -1.61 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director David A. Handler acquired 10,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The shares were purchased at an average price of $14.83 per share, for a total transaction of $148,300.00. Following the completion of the transaction, the director now directly owns 322,941 shares in the company, valued at approximately $4,789,215.03. This represents a 3.20% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jay A. Snowden bought 34,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $14.70 per share, with a total value of $499,800.00. Following the transaction, the chief executive officer now owns 1,082,625 shares of the company's stock, valued at $15,914,587.50. The trade was a 3.24% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PENN. Invesco Ltd. boosted its stake in PENN Entertainment by 54.6% during the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock valued at $97,905,000 after buying an additional 2,120,740 shares during the last quarter. DME Capital Management LP boosted its position in shares of PENN Entertainment by 2.3% during the 4th quarter. DME Capital Management LP now owns 5,748,440 shares of the company's stock valued at $113,934,000 after acquiring an additional 127,670 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of PENN Entertainment by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock valued at $49,572,000 after acquiring an additional 152,791 shares during the last quarter. Invenomic Capital Management LP grew its holdings in shares of PENN Entertainment by 87.8% in the first quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company's stock valued at $30,322,000 after purchasing an additional 869,347 shares in the last quarter. Finally, Kettle Hill Capital Management LLC increased its position in PENN Entertainment by 43.1% in the fourth quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company's stock worth $35,711,000 after purchasing an additional 542,585 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company's stock.

PENN Entertainment Company Profile

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.

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