JPMorgan Chase & Co. Issues Positive Forecast for PENN Entertainment (NASDAQ:PENN) Stock Price

PENN Entertainment (NASDAQ:PENN) had its price target increased by JPMorgan Chase & Co. from $21.00 to $22.00 in a report published on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities analysts have also recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a research note on Friday, March 27th. Wells Fargo & Company raised their price target on shares of PENN Entertainment from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday. Morgan Stanley raised their price target on shares of PENN Entertainment from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 8th. Barclays increased their price objective on PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Citigroup increased their price objective on PENN Entertainment from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, March 2nd. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $19.80.

PENN Entertainment Price Performance

Shares of PENN opened at $16.14 on Thursday. The stock has a market capitalization of $2.16 billion, a P/E ratio of -2.68, a P/E/G ratio of 0.52 and a beta of 1.32. PENN Entertainment has a twelve month low of $11.65 and a twelve month high of $20.60. The company has a 50 day moving average of $14.23 and a 200-day moving average of $14.86. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 3.92.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.30. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the business earned ($0.44) EPS. As a group, equities research analysts forecast that PENN Entertainment will post -1.61 EPS for the current fiscal year.

Institutional Investors Weigh In On PENN Entertainment

Large investors have recently made changes to their positions in the stock. ING Groep NV acquired a new stake in shares of PENN Entertainment in the 3rd quarter valued at approximately $5,790,000. Strs Ohio lifted its holdings in PENN Entertainment by 365.5% during the 3rd quarter. Strs Ohio now owns 252,705 shares of the company’s stock valued at $4,867,000 after purchasing an additional 198,417 shares during the last quarter. Invenomic Capital Management LP lifted its holdings in PENN Entertainment by 6.9% during the 3rd quarter. Invenomic Capital Management LP now owns 1,569,939 shares of the company’s stock valued at $30,237,000 after purchasing an additional 101,028 shares during the last quarter. Hennessy Advisors Inc. acquired a new stake in PENN Entertainment during the 3rd quarter valued at $40,537,000. Finally, Hill Path Capital LP lifted its holdings in PENN Entertainment by 64.4% during the 3rd 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 during the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.

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.