PENN Entertainment (NASDAQ:PENN) Announces Quarterly Earnings Results

PENN Entertainment (NASDAQ:PENN) issued its quarterly earnings data on Thursday. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.12), Zacks reports. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the business posted ($0.24) earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis.

PENN Entertainment Price Performance

Shares of PENN traded down $0.11 during trading hours on Friday, reaching $14.54. The company had a trading volume of 7,188,087 shares, compared to its average volume of 4,094,336. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39. PENN Entertainment has a 12-month low of $13.25 and a 12-month high of $23.08. The firm has a 50 day simple moving average of $18.22 and a 200-day simple moving average of $17.49. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of -25.96 and a beta of 1.53.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. State of Wyoming lifted its position in shares of PENN Entertainment by 498.0% during the 2nd quarter. State of Wyoming now owns 16,870 shares of the company’s stock valued at $301,000 after acquiring an additional 14,049 shares during the period. Caxton Associates LLP increased its stake in PENN Entertainment by 119.0% in the 2nd quarter. Caxton Associates LLP now owns 33,059 shares of the company’s stock valued at $591,000 after purchasing an additional 17,963 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in PENN Entertainment by 4.5% during the second quarter. Public Sector Pension Investment Board now owns 496,063 shares of the company’s stock worth $8,865,000 after purchasing an additional 21,522 shares during the last quarter. Tidal Investments LLC boosted its position in PENN Entertainment by 8.1% during the second quarter. Tidal Investments LLC now owns 19,689 shares of the company’s stock worth $352,000 after purchasing an additional 1,483 shares in the last quarter. Finally, MML Investors Services LLC grew its holdings in PENN Entertainment by 21.1% in the second quarter. MML Investors Services LLC now owns 56,795 shares of the company’s stock valued at $1,015,000 after purchasing an additional 9,887 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PENN has been the topic of a number of research reports. Citigroup reissued an “outperform” rating on shares of PENN Entertainment in a report on Friday, August 8th. JMP Securities lifted their target price on PENN Entertainment from $24.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, August 8th. Barclays cut their price target on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday, July 18th. Stifel Nicolaus raised PENN Entertainment from a “hold” rating to a “buy” rating and increased their price target for the stock from $19.00 to $21.00 in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a research note on Friday. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.56.

About PENN Entertainment

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.