Brokerages Expect Penn National Gaming, Inc. (NASDAQ:PENN) Will Announce Quarterly Sales of $1.60 Billion

Brokerages predict that Penn National Gaming, Inc. (NASDAQ:PENNGet Rating) will post sales of $1.60 billion for the current fiscal quarter, according to Zacks. Eight analysts have issued estimates for Penn National Gaming’s earnings. The highest sales estimate is $1.62 billion and the lowest is $1.57 billion. Penn National Gaming reported sales of $1.55 billion in the same quarter last year, which would suggest a positive year over year growth rate of 3.2%. The business is expected to report its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Penn National Gaming will report full year sales of $6.37 billion for the current year, with estimates ranging from $6.31 billion to $6.40 billion. For the next fiscal year, analysts anticipate that the business will report sales of $6.56 billion, with estimates ranging from $6.37 billion to $6.69 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Penn National Gaming.

Penn National Gaming (NASDAQ:PENNGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.14). The firm had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Penn National Gaming had a net margin of 6.16% and a return on equity of 10.91%. The business’s quarterly revenue was up 22.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.55 earnings per share.

Several brokerages have recently commented on PENN. Credit Suisse Group reduced their price target on shares of Penn National Gaming from $128.00 to $99.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 1st. Loop Capital upgraded shares of Penn National Gaming from a “sell” rating to a “hold” rating and dropped their price target for the company from $53.00 to $49.00 in a research note on Friday, February 4th. Jefferies Financial Group upgraded shares of Penn National Gaming from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Wednesday. Wells Fargo & Company decreased their price objective on shares of Penn National Gaming from $52.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, April 13th. Finally, Susquehanna upgraded shares of Penn National Gaming from a “neutral” rating to a “positive” rating and raised their target price for the stock from $34.00 to $65.00 in a report on Wednesday, February 9th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Penn National Gaming has a consensus rating of “Buy” and a consensus price target of $67.68.

Institutional investors and hedge funds have recently modified their holdings of the company. Manchester Capital Management LLC acquired a new position in shares of Penn National Gaming in the 3rd quarter worth approximately $28,000. Bessemer Group Inc. acquired a new position in shares of Penn National Gaming in the 4th quarter worth approximately $26,000. Sageworth Trust Co of South Dakota acquired a new position in shares of Penn National Gaming in the 4th quarter worth approximately $25,000. Citizens National Bank Trust Department acquired a new position in shares of Penn National Gaming in the 4th quarter worth approximately $26,000. Finally, San Luis Wealth Advisors LLC acquired a new position in shares of Penn National Gaming in the 1st quarter worth approximately $26,000. 81.28% of the stock is owned by institutional investors and hedge funds.

NASDAQ:PENN opened at $31.79 on Thursday. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.88 and a quick ratio of 1.96. Penn National Gaming has a 1-year low of $28.30 and a 1-year high of $86.40. The firm has a 50-day moving average of $38.04 and a two-hundred day moving average of $45.12. The stock has a market cap of $5.30 billion, a P/E ratio of 14.19 and a beta of 2.35.

Penn National Gaming declared that its Board of Directors has initiated a share buyback program on Thursday, February 3rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the company to purchase up to 9.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

About Penn National Gaming (Get Rating)

Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals. It operates through five segments: Northeast, South, West, Midwest, Interactive. The company offers casino gaming, online gaming, live racing, sports betting, and digital sports content.

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