JPMorgan Chase & Co. Upgrades PENN Entertainment (NASDAQ:PENN) to Overweight

JPMorgan Chase & Co. upgraded shares of PENN Entertainment (NASDAQ:PENN - Free Report) from a neutral rating to an overweight rating in a report issued on Friday morning, Marketbeat.com reports. They currently have $27.00 target price on the stock, up from their previous target price of $19.00.

Several other analysts also recently weighed in on PENN. Barclays dropped their target price on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. JMP Securities reissued a "market perform" rating on shares of PENN Entertainment in a research report on Friday, October 4th. Morgan Stanley lowered their price target on PENN Entertainment from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 22nd. Macquarie increased their price objective on PENN Entertainment from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Finally, Benchmark reaffirmed a "hold" rating on shares of PENN Entertainment in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $23.53.

PENN Entertainment Stock Up 3.9 %

PENN Entertainment stock traded up $0.78 during midday trading on Friday, hitting $20.79. 5,273,490 shares of the company's stock were exchanged, compared to its average volume of 4,887,366. PENN Entertainment has a 12 month low of $13.50 and a 12 month high of $27.20. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $3.17 billion, a PE ratio of -5.84 and a beta of 2.08. The firm has a 50-day moving average of $19.93 and a two-hundred day moving average of $19.09.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts' consensus estimates of ($0.28) by $0.04. The business had revenue of $1.64 billion for the quarter, compared to analysts' expectations of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company's revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business earned $1.21 EPS. As a group, analysts expect that PENN Entertainment will post -1.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently added to or reduced their stakes in PENN. DekaBank Deutsche Girozentrale purchased a new position in shares of PENN Entertainment in the third quarter valued at approximately $45,000. GAMMA Investing LLC boosted its stake in PENN Entertainment by 88.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,716 shares of the company's stock worth $51,000 after purchasing an additional 1,275 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of PENN Entertainment during the third quarter worth $56,000. International Assets Investment Management LLC grew its holdings in shares of PENN Entertainment by 1,634.8% during the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company's stock worth $61,000 after buying an additional 3,057 shares in the last quarter. Finally, Quarry LP raised its position in shares of PENN Entertainment by 76.7% in the second quarter. Quarry LP now owns 4,291 shares of the company's stock valued at $83,000 after buying an additional 1,862 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.