Penn National Gaming, Inc. (NASDAQ:PENN) Expected to Announce Quarterly Sales of $1.59 Billion

Equities research analysts forecast that Penn National Gaming, Inc. (NASDAQ:PENNGet Rating) will report sales of $1.59 billion for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Penn National Gaming’s earnings, with estimates ranging from $1.56 billion to $1.62 billion. Penn National Gaming reported sales of $1.55 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 2.6%. The company is expected to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Penn National Gaming will report full year sales of $6.34 billion for the current fiscal year, with estimates ranging from $6.20 billion to $6.40 billion. For the next fiscal year, analysts expect that the firm will post sales of $6.55 billion, with estimates ranging from $6.37 billion to $6.69 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Penn National Gaming.

Penn National Gaming (NASDAQ:PENNGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.14). The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.53 billion. Penn National Gaming had a net margin of 6.16% and a return on equity of 11.39%. Penn National Gaming’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same period last year, the firm posted $0.55 earnings per share.

A number of research analysts have issued reports on PENN shares. Morgan Stanley upgraded Penn National Gaming from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $55.00 to $51.00 in a research note on Monday, April 25th. Loop Capital upgraded Penn National Gaming from a “sell” rating to a “hold” rating and decreased their target price for the stock from $53.00 to $49.00 in a research note on Friday, February 4th. Truist Financial reduced their price objective on Penn National Gaming from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, April 19th. Wells Fargo & Company reduced their price objective on Penn National Gaming from $52.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 13th. Finally, Needham & Company LLC reduced their price target on Penn National Gaming from $115.00 to $76.00 in a research report on Friday, January 21st. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $67.68.

Shares of Penn National Gaming stock opened at $30.20 on Thursday. The stock has a fifty day simple moving average of $38.45 and a 200 day simple moving average of $45.91. Penn National Gaming has a 12-month low of $28.30 and a 12-month high of $86.40. The company has a market capitalization of $5.04 billion, a P/E ratio of 13.48 and a beta of 2.35. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 2.78.

Penn National Gaming announced that its Board of Directors has authorized a stock buyback program on Thursday, February 3rd that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 9.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brinker Capital Investments LLC bought a new position in shares of Penn National Gaming during the fourth quarter valued at approximately $247,000. MADDEN SECURITIES Corp grew its position in shares of Penn National Gaming by 14.8% during the 4th quarter. MADDEN SECURITIES Corp now owns 53,520 shares of the company’s stock valued at $2,775,000 after acquiring an additional 6,895 shares during the period. Louisiana State Employees Retirement System lifted its stake in Penn National Gaming by 6.1% in the 4th quarter. Louisiana State Employees Retirement System now owns 10,400 shares of the company’s stock valued at $539,000 after buying an additional 600 shares in the last quarter. Arizona State Retirement System lifted its stake in Penn National Gaming by 7.1% in the 4th quarter. Arizona State Retirement System now owns 45,608 shares of the company’s stock worth $2,365,000 after purchasing an additional 3,017 shares in the last quarter. Finally, Paradigm Financial Partners LLC lifted its stake in Penn National Gaming by 597.0% in the 4th quarter. Paradigm Financial Partners LLC now owns 21,147 shares of the company’s stock worth $1,015,000 after purchasing an additional 18,113 shares in the last quarter. 81.28% of the stock is currently owned by hedge funds and other institutional investors.

About Penn National Gaming (Get Rating)

Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals. It operates through five segments: Northeast, South, West, Midwest, Interactive. The company offers casino gaming, online gaming, live racing, sports betting, and digital sports content.

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Earnings History and Estimates for Penn National Gaming (NASDAQ:PENN)

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