PENN Entertainment (NASDAQ:PENN) Stock Price Target Lowered at JPMorgan Chase & Co.

PENN Entertainment (NASDAQ:PENN) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $27.00 to $24.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 61.78% from the stock’s current price.

PENN has been the topic of several other reports. Citigroup restated a “market outperform” rating on shares of PENN Entertainment in a research note on Tuesday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a report on Monday, September 21st. Susquehanna reduced their target price on shares of PENN Entertainment from $30.00 to $26.00 and set a “positive” rating for the company in a research note on Monday. Mizuho set a $28.00 target price on shares of PENN Entertainment in a research note on Friday, August 7th. Finally, Benchmark increased their target price on shares of PENN Entertainment from $21.00 to $22.00 and gave the company a “buy” rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $23.61.

PENN Entertainment Stock Up 0.8%

Shares of PENN Entertainment stock traded up $0.12 on Tuesday, hitting $14.84. The company had a trading volume of 1,005,495 shares, compared to its average volume of 3,709,217. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -2.33, a P/E/G ratio of 0.38 and a beta of 1.39. PENN Entertainment has a 1 year low of $11.65 and a 1 year high of $22.36. The stock has a 50 day moving average of $16.71 and a 200-day moving average of $18.06. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.07. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.12) earnings per share. As a group, sell-side analysts forecast that PENN Entertainment will post 1.20 earnings per share for the current year.

Institutional Trading of PENN Entertainment

A number of hedge funds have recently bought and sold shares of PENN. BlackRock Inc. purchased a new position in PENN Entertainment in the second quarter worth $410,579,000. Bank of America Corp DE purchased a new stake in shares of PENN Entertainment during the 2nd quarter valued at $108,919,000. Bamco Inc. NY purchased a new stake in shares of PENN Entertainment during the 2nd quarter valued at $58,624,000. Freestone Grove Partners LP purchased a new stake in shares of PENN Entertainment during the 2nd quarter valued at $21,532,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of PENN Entertainment during the 2nd quarter worth $21,460,000. 91.69% of the stock is currently owned by institutional investors.

About PENN Entertainment

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and hotels, offering casino gaming, sports wagering, dining, live entertainment and other hospitality services. Its property portfolio includes regional gaming destinations serving customers across the United States.

PENN also develops and operates digital gaming products, including online sports betting and iCasino services. Its digital operations have included the ESPN BET sportsbook, developed through a strategic relationship with ESPN, as well as theScore Bet, supported by the company’s acquisition of Canadian digital media and sports betting business theScore.