PENN Entertainment (NASDAQ:PENN) Issues Quarterly Earnings Results, Misses Expectations By $0.12 EPS

PENN Entertainment (NASDAQ:PENN) released its earnings results on Thursday. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1.73 billion. During the same quarter last year, the company earned ($0.24) earnings per share. PENN Entertainment’s quarterly revenue was up 4.8% compared to the same quarter last year.

PENN Entertainment Stock Down 0.8%

PENN stock traded down $0.11 during midday trading on Friday, reaching $14.54. 7,188,087 shares of the company were exchanged, compared to its average volume of 4,094,336. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -25.96 and a beta of 1.53. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. PENN Entertainment has a 1-year low of $13.25 and a 1-year high of $23.08. The stock’s 50-day simple moving average is $18.22 and its 200 day simple moving average is $17.49.

Wall Street Analysts Forecast Growth

PENN has been the topic of a number of recent research reports. JMP Securities upped their price objective on PENN Entertainment from $24.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, August 8th. Morgan Stanley restated a “sell” rating on shares of PENN Entertainment in a report on Friday, July 11th. Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and lifted their price objective for the company from $19.00 to $21.00 in a research note on Friday. Deutsche Bank Aktiengesellschaft lowered their price objective on PENN Entertainment from $19.00 to $17.00 and set a “hold” rating for the company in a research report on Friday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of PENN Entertainment in a report on Friday. Ten research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, PENN Entertainment has a consensus rating of “Hold” and a consensus price target of $22.56.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Balyasny Asset Management L.P. lifted its position in PENN Entertainment by 179.6% in the second quarter. Balyasny Asset Management L.P. now owns 508,446 shares of the company’s stock valued at $9,086,000 after acquiring an additional 326,572 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new stake in shares of PENN Entertainment during the second quarter worth about $4,821,000. Marshall Wace LLP lifted its holdings in shares of PENN Entertainment by 80.2% in the 2nd quarter. Marshall Wace LLP now owns 386,871 shares of the company’s stock valued at $6,913,000 after purchasing an additional 172,158 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of PENN Entertainment by 30.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company’s stock valued at $5,620,000 after purchasing an additional 79,978 shares during the period. Finally, First Trust Advisors LP grew its stake in PENN Entertainment by 169.6% during the 2nd quarter. First Trust Advisors LP now owns 94,575 shares of the company’s stock worth $1,690,000 after buying an additional 59,489 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Company Profile

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.