PENN Entertainment (NASDAQ:PENN) Upgraded at Capital One Financial

Key Points

• Capital One Financial upgraded PENN Entertainment from “equal weight” to “overweight” and set a $26 price target, implying about 24% upside from the previous close.
• Other analysts have also turned more bullish, including upgrades and higher targets from Zacks, Citizens JMP, Goldman Sachs, and Barclays; MarketBeat shows an average rating of Moderate Buy with a $22.78 average target price.
• PENN shares were down 1.4% to $20.93, while the company recently posted better-than-expected quarterly results with EPS of $0.11 and revenue of $1.78 billion, up 6.4% year over year.

PENN Entertainment (NASDAQ:PENN - Get Free Report) was upgraded by analysts at Capital One Financial from an "equal weight" rating to an "overweight" rating in a research note issued on Thursday, Marketbeat Ratings reports. The firm currently has a $26.00 target price on the stock. Capital One Financial's price objective would suggest a potential upside of 24.22% from the company's previous close.

Several other equities analysts also recently commented on the stock. Zacks Research raised shares of PENN Entertainment from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 13th. Citizens Jmp raised their target price on PENN Entertainment from $24.00 to $26.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 16th. The Goldman Sachs Group began coverage on PENN Entertainment in a research report on Friday, June 26th. They set a "buy" rating and a $26.00 price target for the company. Deutsche Bank Aktiengesellschaft increased their price objective on PENN Entertainment from $17.00 to $18.00 and gave the stock a "hold" rating in a report on Friday, April 24th. Finally, Barclays lifted their price objective on PENN Entertainment from $24.00 to $26.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $22.78.

PENN Entertainment Stock Down 1.4%

Shares of NASDAQ PENN opened at $20.93 on Thursday. The firm's fifty day moving average is $19.99 and its 200 day moving average is $16.48. PENN Entertainment has a 52 week low of $11.65 and a 52 week high of $22.36. 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 cap of $2.80 billion, a price-to-earnings ratio of -3.11, a PEG ratio of 0.40 and a beta of 1.42.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.06. The business had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $1.74 billion. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The firm's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 EPS. On average, equities research analysts expect that PENN Entertainment will post 1.39 earnings per share for the current year.

Hedge Funds Weigh In On PENN Entertainment

Several large investors have recently made changes to their positions in PENN. Quarry LP bought a new position in PENN Entertainment during the 4th quarter valued at approximately $36,000. IFP Advisors Inc boosted its holdings in PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock worth $41,000 after acquiring an additional 1,196 shares in the last quarter. Modus Advisors LLC purchased a new stake in shares of PENN Entertainment in the fourth quarter worth $47,000. Triumph Capital Management bought a new position in shares of PENN Entertainment during the third quarter valued at $54,000. Finally, Hantz Financial Services Inc. raised its position in shares of PENN Entertainment by 385.1% in the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company's stock worth $55,000 after purchasing an additional 2,954 shares during the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Company Profile

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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