Penn National Gaming (NASDAQ:PENN) Announces Quarterly Earnings Results

Penn National Gaming (NASDAQ:PENNGet Rating) released its quarterly earnings results on Thursday. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.35), Briefing.com reports. Penn National Gaming had a return on equity of 10.91% and a net margin of 6.16%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the prior year, the firm posted $1.17 earnings per share. Penn National Gaming’s revenue for the quarter was up 5.4% compared to the same quarter last year. Penn National Gaming updated its FY 2022 guidance to EPS.

Penn National Gaming Stock Performance

PENN traded down $0.99 on Friday, reaching $34.15. The stock had a trading volume of 4,003,166 shares, compared to its average volume of 4,181,852. Penn National Gaming has a 12-month low of $26.46 and a 12-month high of $86.40. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 3.22. The business’s 50-day moving average price is $31.90 and its two-hundred day moving average price is $37.86. The company has a market cap of $5.70 billion, a P/E ratio of 15.25, a price-to-earnings-growth ratio of 3.83 and a beta of 2.23.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Guggenheim Capital LLC increased its holdings in Penn National Gaming by 1.1% in the first quarter. Guggenheim Capital LLC now owns 39,364 shares of the company’s stock valued at $1,670,000 after buying an additional 431 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Penn National Gaming by 44.9% in the first quarter. Canada Pension Plan Investment Board now owns 1,592 shares of the company’s stock valued at $68,000 after buying an additional 493 shares in the last quarter. Vident Investment Advisory LLC increased its holdings in Penn National Gaming by 11.2% in the first quarter. Vident Investment Advisory LLC now owns 5,744 shares of the company’s stock valued at $244,000 after buying an additional 579 shares in the last quarter. Cibc World Market Inc. increased its holdings in Penn National Gaming by 1.9% in the first quarter. Cibc World Market Inc. now owns 35,889 shares of the company’s stock valued at $1,522,000 after buying an additional 655 shares in the last quarter. Finally, Toroso Investments LLC increased its holdings in Penn National Gaming by 13.0% in the first quarter. Toroso Investments LLC now owns 6,871 shares of the company’s stock valued at $291,000 after buying an additional 793 shares in the last quarter. Hedge funds and other institutional investors own 81.28% of the company’s stock.

Analyst Ratings Changes

PENN has been the topic of several analyst reports. Jefferies Financial Group raised 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 report on Wednesday, May 18th. Truist Financial lowered their price objective on shares of Penn National Gaming from $60.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, July 20th. Wells Fargo & Company lowered their price objective on shares of Penn National Gaming from $48.00 to $38.00 and set an “equal weight” rating for the company in a research note on Thursday, July 14th. Barclays lifted their price objective on shares of Penn National Gaming from $37.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Morgan Stanley upgraded shares of Penn National Gaming from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $55.00 to $51.00 in a research note on Monday, April 25th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Penn National Gaming presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.15.

About Penn National Gaming

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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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Earnings History for Penn National Gaming (NASDAQ:PENN)

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