PENN Entertainment (NASDAQ:PENN) Price Target Raised to $26.00

Key Points

• Barclays raised its price target on PENN Entertainment from $24 to $26 and kept an overweight rating, implying about 25.6% upside from the prior close.
• Analyst sentiment is mixed overall: PENN has 10 Buy, 6 Hold, and 1 Sell ratings, with a consensus target price of $21.88.
• The company recently reported better-than-expected quarterly results, posting EPS of $0.11 versus $0.05 expected and revenue of $1.78 billion versus $1.74 billion expected.

PENN Entertainment (NASDAQ:PENN - Get Free Report) had its price objective upped by stock analysts at Barclays from $24.00 to $26.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price objective points to a potential upside of 25.63% from the stock's previous close.

A number of other research analysts have also commented on PENN. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PENN Entertainment in a report on Wednesday, June 24th. Truist Financial boosted their target price on shares of PENN Entertainment from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Wells Fargo & Company upped their price target on shares of PENN Entertainment from $16.00 to $18.00 and gave the company an "equal weight" rating in a research note on Thursday, April 16th. Morgan Stanley lifted their price objective on shares of PENN Entertainment from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, April 24th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $21.88.

PENN Entertainment Trading Up 2.9%

Shares of PENN stock opened at $20.70 on Thursday. The firm has a 50 day moving average price of $19.19 and a two-hundred day moving average price of $16.05. 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 company has a market capitalization of $2.77 billion, a PE ratio of -3.07, a price-to-earnings-growth ratio of 0.66 and a beta of 1.42. PENN Entertainment has a 12-month low of $11.65 and a 12-month high of $22.36.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.05 by $0.06. The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The firm's revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 earnings per share. As a group, analysts predict that PENN Entertainment will post 1.02 earnings per share for the current year.

Institutional Trading of PENN Entertainment

Institutional investors have recently modified their holdings of the stock. Hill Path Capital LP raised its stake in PENN Entertainment by 64.4% in the third quarter. Hill Path Capital LP now owns 5,759,820 shares of the company's stock valued at $110,934,000 after purchasing an additional 2,257,000 shares in the last quarter. Invenomic Capital Management LP grew its stake in PENN Entertainment by 6.9% during the third quarter. Invenomic Capital Management LP now owns 1,569,939 shares of the company's stock worth $30,237,000 after buying an additional 101,028 shares in the last quarter. SG Americas Securities LLC raised its position in shares of PENN Entertainment by 330.0% in the 4th quarter. SG Americas Securities LLC now owns 149,710 shares of the company's stock valued at $2,208,000 after buying an additional 114,892 shares in the last quarter. CWM LLC lifted its holdings in shares of PENN Entertainment by 1,055.9% during the 4th quarter. CWM LLC now owns 92,056 shares of the company's stock worth $1,358,000 after acquiring an additional 84,092 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of PENN Entertainment during the 4th quarter worth approximately $6,376,000. 91.69% of the stock is currently owned by institutional investors.

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.

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