Wells Fargo & Company Issues Positive Forecast for PENN Entertainment (NASDAQ:PENN) Stock Price

PENN Entertainment (NASDAQ:PENN) had its target price lifted by analysts at Wells Fargo & Company from $22.00 to $23.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 32.64% from the company’s current price.

A number of other research firms also recently weighed in on PENN. Barclays raised their price target on PENN Entertainment from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, October 9th. Morgan Stanley decreased their price objective on PENN Entertainment from $20.00 to $18.00 and set an “equal weight” rating on the stock in a report on Monday, October 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Friday. Bank of America upped their target price on PENN Entertainment from $18.00 to $22.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Finally, Benchmark increased their price target on shares of PENN Entertainment from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.56.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN opened at $17.34 on Friday. The company’s fifty day moving average price is $16.01 and its 200-day moving average price is $16.84. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of -2.73, a PEG ratio of 0.45 and a beta of 1.40. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36. The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.15. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period in the previous year, the firm posted ($0.22) EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts anticipate that PENN Entertainment will post 1.20 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PENN. BlackRock Inc. purchased a new stake in PENN Entertainment during the 2nd quarter valued at about $410,579,000. Bank of America Corp DE purchased a new position in PENN Entertainment in the 2nd quarter worth approximately $108,919,000. Bamco Inc. NY bought a new stake in PENN Entertainment in the second quarter valued at approximately $58,624,000. Arrowstreet Capital Limited Partnership lifted its position in PENN Entertainment by 9.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,323,554 shares of the company’s stock valued at $34,923,000 after purchasing an additional 196,480 shares during the last quarter. Finally, Penn Capital Management Company LLC boosted its stake in shares of PENN Entertainment by 6.2% during the second quarter. Penn Capital Management Company LLC now owns 1,186,487 shares of the company’s stock valued at $25,391,000 after purchasing an additional 69,674 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Key Stories Impacting PENN Entertainment

Here are the key news stories impacting PENN Entertainment this week:

• Positive Sentiment: PENN reported Q3 earnings of $0.32 per share, above analyst estimates, compared with a loss a year earlier. Revenue rose 7.1% to $1.84 billion, broadly matching expectations. The earnings beat and return to profit are likely the clearest positive catalysts in the coverage. PENN Entertainment Swings to 3Q Profit as Sales Rise
• Positive Sentiment: Reports identify U.S. online casino operations and Canada as growth drivers, while management commentary points to a path toward digital profitability. Evidence of improving digital economics could strengthen the investment case for PENN’s online business. U.S. iCasino, Canada drive growth of Wyomissing-based PENN Entertainment
• Positive Sentiment: The second tower at M Resort continues to boost revenue, adding support from PENN’s regional casino and hotel operations. 2nd M Resort tower continues to boost revenue for Penn
• Neutral Sentiment: PENN is not prioritizing acquisitions, suggesting a focus on existing operations rather than deal-driven expansion. The effect depends on whether organic growth can deliver sufficient returns. Penn Entertainment Isn’t Prioritizing Acquisitions
• Neutral Sentiment: The company is expected to pursue a Texas gambling opportunity after the midterm elections, but any benefit depends on legislative and regulatory developments. Texas gambling push on tap for PENN Entertainment after midterm elections

About PENN Entertainment

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and video gaming terminals, offering slot machines, table games, poker, sports wagering, hotel accommodations, restaurants, entertainment venues and other amenities.

PENN’s portfolio includes regional gaming properties operating under brands such as Hollywood Casino, Ameristar, L’Auberge and M Resort. Its land-based operations serve customers across numerous U.S.